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I am 63 years old. Due to medical reasons I've not been able…

I am 63 years...

I am 63 years old. Due to medical reasons I've not been able to work since January 2015 because of my illness and inability to work my home was foreclosed upon and all the blinds inside the residence was seized. I have been withdrawing funds from a 401 retirement two help keep my brother out of bankruptcy send my son to a recovery program for addiction I am very little of that left I do have a Disability Pension from my previous profession in law enforcement I'm concerned that to filing bankruptcy does my Disability Pension will be attached any future Social Security funds will be attached I have no other assets other than my education and profession as a physician assistant I'm worried that because I would Drew funds from my retirement out my brother and my son that that will appear that I was doing something fraudulent and now have no assets for my creditors to attach am I at risk for losing my Disability Pension and just how bad does it look that I took out money from my retirement and spent it

Lawyer's Assistant: What state are you in? And has anything been officially filed?

I live in Arizona and I haven't officially filed I did retain a bankruptcy lawyer when this all started I knew I was going to be in trouble but I've been too ill to do anything about it since and I apologize for all the typos I'm using voice to text

Lawyer's Assistant: Has anything been filed in civil court? If so, what?

No nothing has been filed I just returned the attorney spoke to him briefly he asked me to complete some paperwork and get my tax forms filed I have not filed in the last 3 years either

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No looking over what I sent I'm terribly sorry that I didn't edit before I sent it is what I did send understandable or should I restate my position

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Answered in 14 minutes by:
8/14/2017
Barrister
Barrister, Attorney
Category: Bankruptcy Law
Satisfied Customers: 42,083
Experience: 17 years practicing law. Landlord 26 years
Verified

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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You may also be offered a phone call, but those don’t come from me and are offered by JustAnswer and you are under no obligation to accept.

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Are you basically asking if bankruptcy would affect your Disability or Social Security if you filed?

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thanks

Barrister

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Customer reply replied 10 months ago
I believe but am not sure that my disability returner cannot be attached.
I'm worried that by raiding my 401 for some expenses it will appear fraudulent for not partially covering all my outstanding obligations. I also have outstanding federal and signature student loans. I am recovering from medical issues and I am trying to return to my medical profession as a Physician Assistant will I ever be able to at least partially retire will bankruptcy allow me to have a fresh start

Your disability and SS are completely exempt under federal law.. And no it would make more sense to file BK then raid your 401K because it is entirely exempt as well..

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However, your student loans wouldn't normally be discharged in the BK. But you could get rid of everything else and protect the assets that you have now.

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So financially it makes sense and is exactly what the bankruptcy laws were set up for...to give people a fresh start..

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thanks

Barrister

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Customer reply replied 10 months ago
I had to raid 401 to pay for my son's rehab. He also drained the money I withdrew to pay for his addiction that put me in foreclosure. Bankruptcy will help me clear all of the outstanding mortage and medical debt ? The only asset I have remaining is 10 year old car and $10,00.00 in 401. Any recommendations for the federal tax returns I did not file for 3 years ? I was honestly to ill to even get out of bed and had no reliable assistance from family.When I took out the 401 funds I paid out 20% fed &10% state tax. I don't think I owe money but not sure H&R block is the correct starting point to rehab that issue. Potentially how much trouble am I in

Bankruptcy will help me clear all of the outstanding mortage and medical debt ?

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Correct.

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Any recommendations for the federal tax returns I did not file for 3 years ?

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File them and then include that debt in the BK case....it is dischargeable. As long as you file your taxes before the IRS notices you haven't, then you won't get in any trouble..

Barrister
Barrister, Attorney
Category: Bankruptcy Law
Satisfied Customers: 42,083
Experience: 17 years practicing law. Landlord 26 years
Verified
Barrister and 87 other Bankruptcy Law Specialists are ready to help you
Ask your own question now
Customer reply replied 10 months ago
Thank you that's done more for my deep depression than any prescription has.

You are very welcome. The laws are set up for things like this for a reason, so you should definitely take advantage of them for the purpose for which they were intended.... to get a fresh start..

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