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Roger
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31684
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I am 67 years old and have never, ever been late for a credit

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I am 67 years old and have never, ever been late for a credit card payment. I was laid off from a law firm in March, 2009, after 6 1/2 years. During 2001 and up to Sept. 2002, I was living on credit cards. Then I finally got a job as a legal secretary for little money. Now, I'm paying off about $100,000 in unsecured debt and have no job. I have Social Security and unemployment until at least May, 2010. I have a rent-stablizied apartment in Manhattan. I have a total of $58,000 from my last job from 401k and Profit Sharing funds, and about $35,000 in an IRA. I am trying to make payments, but unless I get a job, it will soon be impossible. In New York, is my IRA, 401k, profit sharing funds exempt from Chapter 7 bankruptcy? What is the total amount of money I can have when filing filing for bankruptcy. I have no car and as I said, just rent. I am getting sicker from this by the day. What can I do.

Up to $1,000,000.00 in an IRA is exempt in bankruptcy. Also, nearly all pensions and 401K savings plans that are qualified under ERISA, the federal pension savings act, have an anti alienation clause that excludes them from the bankruptcy estate.

 

That being said, you should be safe with regard to any retirement funds.

 

To be eligible for a chapter 7, you have to pass the means test: http://www.totalbankruptcy.com/chapter-7/requirements/means-test.aspx

 

 

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Customer: replied 7 years ago.

What about Profit Sharing Funds paid...also exempt?

I'll accept regardless, but wanted to know about profit sharing?

Thanks you, Nanci