retirement at end of year

[joecitizen]

the wife received a summons for a debit owed on a chase credit card. this has prompted us to start looking for a bk lawyer. due to our income, we are most likely going to have to file a chap. 13.

my question is: i will qualify to retire at the end of the year. if we file a bk now, will this cause me to not be able to retire?

[goodyphilips]

Bankruptcy leading to not retiring? this is an interesting question. i do not think it will going to have any effect on your retirement atleast.

[tobee43]

we actually were "forced" into retirement......

while we are still looking actively for jobs, ( over 2 years now, we have decided we will most likely do our own business since we are the "LOST" unemployed).

we were both upper management and it's impossible to get a job, either over qualified, or potential employers feel we would get "bored" with a "lesser" position and so on and so forth...i was actually told at one interview i was too old and it was a law firm..( and shoot, i look pretty good for my age..LOL!!).

we filed bk right in the middle of the job loss..etc. additionally, since the pension was police or fireman...it some type of odd partial exemption amount..or partial, it was confusion.

what we ended up doing was this;......continue actively looking for work,(still are), one of us was already collecting a state pension.....and then also old enough to begin ss ...

we did want to wait 5 more years, but, we have now downsized enough where the pension and ss will be fine for us to live. the bk in no way interfered.

best of luck to you!

[joecitizen]

if i keep working, we will be above the median income level, so we will more than likely have to file a chap. 13. we would rather file a chap. 7. if i retire before filing, how will the trustee perceive my situation? i had planned on retiring this year anyways, but now with the bk i am not sure if i should go ahead with my plans or not.

since the pension was police or fireman...it some type of odd partial exemption amount..or partial, it was confusion.

is a police or fireman pension exempted, like ss funds are from judgments?

[tobee43]

if i keep working, we will be above the median income level, so we will more than likely have to file a chap. 13. we would rather file a chap. 7. if i retire before filing, how will the trustee perceive my situation? i had planned on retiring this year anyways, but now with the bk i am not sure if i should go ahead with my plans or not.



is a police or fireman pension exempted, like ss funds are from judgments?

we were somewhat in the same boat...actually, there was no way to "replace" our jobs at our age. so it really was our best option. i was scared to death of a 13 at our age and the unstable job market. but that was us, and each situation is very different. we needed to make "sound" business decisions...such as giving up our home after 33 years etc. it was hard, but looking back, it was absolutely the best decision we ever did.

whether a police or fireman pension is exempt, may depend on your state...i'm not certain. we didn't have any judgments that were not covered in the bk...so it wasn't applicable...also...any judgments you may have.......after the close and discharge of the bk, you file a motion to vacate the judgment and have them removed.

[keepmine]

if i keep working, we will be above the median income level, so we will more than likely have to file a chap. 13. we would rather file a chap. 7. if i retire before filing, how will the trustee perceive my situation? i had planned on retiring this year anyways, but now with the bk i am not sure if i should go ahead with my plans or not.



is a police or fireman pension exempted, like ss funds are from judgments?

There is no requirement to be employed in order to file a CVhapter 7. You won't be the first person who retired or quit a job or turned down OT in order to qualify for a Chapter 7.
Are you basing your question on being over the median income or, did you also fill out schedule I and J and have too much monthly disposable income? Just because you're over the median does not mean you can't file a Chapter 7. You also have to have enough income to fund a Chapter 13.

As to pensions, any ERISA qualified pension is exempt from creditor seizure. As are, IRA's and 401K's.

[tobee43]

There is no requirement to be employed in order to file a CVhapter 7. You won't be the first person who retired or quit a job or turned down OT in order to qualify for a Chapter 7.
Are you basing your question on being over the median income or, did you also fill out schedule I and J and have too much monthly disposable income? Just because you're over the median does not mean you can't file a Chapter 7. You also have to have enough income to fund a Chapter 13.

As to pensions, any ERISA qualified pension is exempt from creditor seizure. As are, IRA's and 401K's.

true...except when a creditor takes the funds from you account you have to prove where the funds inception came from....what a pain!

i did think, and i may be incorrect....which( LOL!!) wouldn't be the first or last time, however, i thought there were a few states that could take anything.....and also, the IRS....they are the ultimate creditor as far as snatching up funds from anywhere and you have to fight to get them back.