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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2670
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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My first day of retirement is Dec. 1, 2011. I will be getting

Customer Question

My first day of retirement is Dec. 1, 2011. I will be getting a lump sum of about $23,000 on 12/31/11 for an early retirment incentive from Georgia State University. I filed a Chapter 11 Bankruptcy in Marcn 2011 to stop a foreclosure on my home. I have just been denied a loan modification from Bank of America. I have decided to let the house go and obtain something that I could pay cash for with the way the market is now. The value of my home went from $140,000 down to $37,000 and my monthly paayment to Bank of America is $1,039.95. My pension is about $1100 and after taxes and insurance will only come to about $525. I will start drawing my deceased husbands Social Security which will be $780 until I turn 66 and begin drawing mine which will come to $1,200. I am 64 years old.

My question is should I wait until after I get the money and purchase another home before filing a Chapter 7 Bankruptcy. Would it benefit me more to have the money first transfered to an IRA account at my credit union and then withdraw the money out as opposed to having so much taxes taken out. Also, should I have my father to purchase a house? I also have about $19,000 I got from my monther who is deceased, the market now has very nice homes from $15,000 to $25,000 that I could pay cash for and not have a mortgage or rent to pay.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

I can only answer the Bankruptcy Law questions, which is where your question is. (We also have a Tax section for your Tax-related questions.)

If this is okay (that only your Bankruptcy Law questions can be answered here), please indicate that status of your Chapter 11.

Customer: replied 5 years ago.

 

thank you; After waiting so long for an answer; I redirected my question to a real estate attorney and received all the answers to my questions plus was given more vital information on Oct. 7 @ 12:30 p.m.

Expert:  cfortunato replied 5 years ago.
Okay! Thank you for letting me know!