Thank you for your quick response to my question about how long do I have to wait to file bankruptcy after retiring.: I currently make more income than allowed to file. This will change when I go to Social Security as my only income source. How long do I need to wait to file after I retire and my income stream changes? Thanks you
Lesley's answer: It really depends on how much you currently make and how long it would take before your average income for the 6 months prior takes to get low enough to file. Whoever you consulted about bankruptcy before could probably tell you at what time you would become eligible.
can a trust fund be taken if you declare bankruptcy?: I am thinking of bankruptcy but we have a Family trust that was left as our inheirantace can the court take the money for the Bills we owe and not grant a bankrupsy?? Need to know Thanks
Lesley's answer: It highly depends on the terms of the trust agreement. When you consult with an attorney about filing bankruptcy, make sure to have them review the trust. It is impossible to know the answer without knowing the terms of the trust.
If I file chapter 7 can the banks take my house?: 5 yrs ago my father signed his house over to me..I do not reside there at this time, he does..I have been recently laid off and can no longer pay my credit cards..If I file personal bankrupty can the creditors take the home cuz its in my name??? Thanks in advance!
Lesley's answer: Is there a mortgage on this house? Is there equity? This plays a huge role in what will happen to your house. You should really discuss this with a local bankruptcy attorney to figure out what your best options are (and no, transferring it back to your father is not a good idea, that's probably the worst idea)