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Should you file a chapter 7 bankruptcy if you have large credit card debt and your only income is Social Security and pension benefits?
Wiki User
∙ 17y ago
Talk to a legal aid attorney and they may be able to tell what to do or to direct you to the right kind of attorney to talk to. *All Social Security benefits and the majority of private pensions are exempt from creditor attachment. States establish laws relating to the real and personal property that can be protected from judgment creditors. As noted in the previous answer, the best option would be for the individual to discuss his or her circumstances with a qualified bankruptcy attorney. A debtor may be considered judgment proof, (legal term execution proof), meaning they have not property that can be seized to pay debt owed. Creditors will often sue to obtain a judgment in the hope that the debtor will, at some future time obtain property that can be seized. Judgments are valid for several years and the majority can be renewed.
Wiki User
∙ 17y ago
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Are pension benefits considered income while on social security?
Yes, pension benefits are considered income when calculating Social Security benefits. Depending on the amount of pension received, it could potentially impact the amount of Social Security benefits you are eligible to receive.
If you file chapter 7 bankruptcy what happens with your state pension plan?
Uneffected.
Are Social Security Benefits same as a pension?
NO.
Can a person get pension and Social Security?
Yes, a person can receive both a pension and Social Security benefits. However, receiving a pension may affect the amount of Social Security benefits a person receives due to the Windfall Elimination Provision (WEP) or Government Pension Offset (GPO) rules. It is important to understand how these rules may impact your benefits.
Can the bankruptcy trustee take money for debt repayment in the six month period after bankruptcy disbursement if they receive a large Social Security Disability payment?
Typically no. There are no absolutes here. If you disclosed to the Court that you were in the process of obtaining Disability, you should have nothing to worry about. However, if you kept this info from them, I would ask the lawyer who handled your case. * No. All Social Security benefits whether disability, SSI, or regular pension benefits are exempt from bankruptcy action.
Can i get a retirement pension award letter?
You can request a retirement pension award letter from the Social Security Administration or the pension provider that administers your retirement benefits. Contact them directly to request the letter, which will outline your eligibility for and the amount of your pension benefits.
What has the author Robin Jeweler written?
Robin Jeweler has written: 'Recent developments in bankruptcy law' -- subject(s): Bankruptcy 'Employee pension benefits in bankruptcy' -- subject(s): Law and legislation, Pensions, Bankruptcy
Can you collect social security disability check while also collecting a state pension?
It depends on the specific rules of the state pension program and the Social Security Disability Insurance (SSDI) program. In some cases, receiving a state pension may affect the amount of SSDI benefits you can receive. It is recommended to check with the Social Security Administration and your state pension program for more information on how your benefits may be affected.
Where can one receive a social security disability benefit?
Social Security Disability Benefits are available from the American Government. In Canada, they are called Canadian Disability Pension Plan Benefits.
Can Social Security Disbility benefits or pension be garnished?
Social Security Disability benefits are protected from most types of garnishment, except for certain circumstances like child support or alimony. Pension benefits are generally protected from garnishment, but can be subject to garnishment for specific reasons, such as unpaid taxes or child support.
Will there be an increase in Old Age Pension soon?
I do not have specific information on future changes to Old Age Pension benefits. It would be best to check with your country's social security office or relevant authority for any potential updates on changes to pension benefits.
Did Mitt Romney started taking his Social Security benefits and his governors pension from Massachusetts yet?
Mitt Romney isn\'t eligible for a state pension.
