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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5156
Experience:  37 plus years of experience specializing in bankruptcy law
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Im 70 and retired in FL. I lost my retirement savings in a

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I'm 70 and retired in FL. I lost my retirement savings in a bad investment. My current assets and income consist of Social Security, what's left of my IRA, automobile, moptorcycle & furnishings. I took a job to pay my mortgage, but was furloughed. I then vacated my home due to a foreclosure suit. There is also a HELOC involved.

I expect to receive a job offer in TX this week. I'm sure they will not give me time off if I'm summoned to come to FL for hearings, depositions, etc. I plan to move to TX in several months if the job goes well.

Is my best option to file bankruptcy in this situation? I don't want to lose the job over this.
Hello and welcome to Just Answer. For over 33 years I have answered questions just like yours. And I look forward to assisting you. i would agree with you that BK seems like a very viable option. Note, your SS benefits, pension, and the assets that you listed are all protected in a BK proceeding. Further, the creditors only remedy on your home if your file BK is to retake their collateral. Likewise, the first lender will foreclose and most likely there would be nothing left for the HELOC but you would not be held legally liable as this is your residence and you will list them in the BK. as to timing, you can file now in Florida or when you move to Texas. However, Texas does have a residency requirement and you have to live there at least 90 days before you can file.

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