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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I filed a Ch. 7 BK and I receive annuity payments from a structured

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I filed a Ch. 7 BK and I receive annuity payments from a structured settlement established from a lawsuit from the medical malpractice death of my mother when I was 10. I have since learned this is not exempt. I receive $2,700 a month for life and a large lump sum payment in 2013 and another in 2018. This is my only source of income. Can a bankruptcy trustee take my entire monthly payment rendering me indigent? Can have accelerate the purchase of the next lump sum payment due in 2013? Can I convert this to a Ch. 13, make repayment plans and just go from there? I would obviously rather repay my creditors then lose the money I use to live. FYI, I have no secured debt (no house, car, alimony...) I have about $3,000 in unsecured debt and I have a judgment against me in the amount of appx $77,000 but no lien for the anount, as I don't own anything. Is the judgment considered secured or unsecured debt? Thank you for your help.

Thank you for your question.

The judgment is considered unsecured. You have the right to convert from a chapter 7 to a chapter 13 bankruptcy provided you qualify for the chapter 13. You do appear to qualify
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