How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38910
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
Type Your Bankruptcy Law Question Here...
socrateaser is online now
A new question is answered every 9 seconds

I am 68 & retired. i have a 1400/month private pension & 1850

This answer was rated:

I am 68 & retired. i have a 1400/month private pension & 1850 ssa as my total income. I have $55000.00 credit card debit. Can I default on this debt yet not have my income attached.

Under Mass. law, private pension plans, if ERISA qualified (401(k), etc.), or private insurance or annuity contracts are exempt from creditor garnishment. Social Security is similarly exempt.


Based on your facts, then you could default on the debt and the creditor could not reach your income for payment.


Hope this helps.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.


socrateaser and other Bankruptcy Law Specialists are ready to help you
Customer: replied 8 years ago.
I've only used one credit card and that was on May 5, 2009. I have not used any other card. should I continue to pay this one card and, if so, for how long? Additionally I am paying a bank loan on my car which I plan to continue. Can credit card creditors take my car?

If your car has more than $700 equity, then it can be seized by the sheriff and sold. I can't really tell you how to manage your credit lines. That's more of an financial question.


You may want to consider filing for bankruptcy at some point and thereby wiping out all of the debts at once. Then you can start over and not have to think about what the creditors may try next. It won't affect any of the outcomes, because the exemptions are the same in and out of bankruptcy. But, it may clear your mind, and that's worth something. A "no-asset" Chapter 7 runs around $2,500.

socrateaser and other Bankruptcy Law Specialists are ready to help you