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Ask Terry L. Your Own Question

Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2518
Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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I am considering filling chapter 7 bankruptcy. In debt for

Resolved Question:

I am considering filling chapter 7 bankruptcy. In debt for $28000.00. Have a IRA ($20.665.00) from a 401K that was part of a divorce settlement. I receive $969.00 from SS/Disability and $400.00 spousal maintenances. 1.Will creditors be able to garnish my maintenances?
2. Will creditors be able to garnish my IRA?
3. If I don't file bankruptcy will any of the above apply?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 1 year ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

Usually social security is exempt from judgment

Terry L. :

The support though may not be.

Terry L. :

The IRA's are usually exempt if you can't access them without penalties.

Terry L. :

IRA's are protected in bankruptcy too

Terry L. :

Meet with a local bankruptcy attorney. they will review all assets and all exemptions to protect those assest.

Terry L. :

they will review your budget to see what chapter is appropriate to file under.

Terry L. :

It's likely that chapter 7 will be the best option for you

Terry L. :

let me know what questions you have.

Terry L. :

It seems as if you have stepped out. respond and I'll get notice that you have and will followup next when I log back in.

Terry L. :

thanks

Terry L. :

Good luck! Terry

Customer:

Iam here

Terry L. :

ok

Terry L. :

what questions do you have

Customer:

On ? 3. If I quit paying and don't file can any of the above apply

Customer:

This is all credit card debt?

Terry L. :

Creditors can sue you if you don't file, sure

Terry L. :

they can freeze your bank account

Customer:

can they freeze the 401K

Terry L. :

401k are usually exempt

Customer:

they can freeze my bank account but that's my ss

Terry L. :

You would have to show the court that the only funds in there would be that.

Terry L. :

Your Spousal support is vulnerable

Customer:

ok I think that it. Thank You for your help

Terry L. :

You can sometimes protect the bank account too, but you'll need to review your available exemptions to use in case of judgment. You can google it and the list comes up easliy

Terry L. :

good luck

Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2518
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
Terry L. and 2 other Bankruptcy Law Specialists are ready to help you

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