QUESTION
If I have filed bankruptcy and now need to retire prior to the bankruptcy being done what will happen?
Asked on Sep 01st, 2014 on Bankruptcy - California
More details to this question:
We filed bankruptcy in July 2014 and has not been finalized. Will it affect the results of the bankruptcy if my husband needs to retire due to health reasons?
7 ANSWERS
So are you in a Chapter 7 or a Chapter 13? It would have helped had you disclosed this information in your question because it would not affect you in a Chapter 7 but it would affect you in a Chapter 13.
Answered on Sep 03rd, 2014 at 4:45 PM
Debt Settlement Attorney serving San Diego, CA
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Law Offices of Kathryn Tokarska
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The answer depends on what type of bankruptcy you filed. If it's a chapter 7, it should not impact your case, although it is appropriate to amend the schedules. In a chapter 13, it depends on how this change will impact your budget. Discuss this with your attorney.
Answered on Sep 03rd, 2014 at 4:42 PM
Assuming you are in a Chapter 7, no effect.
Answered on Sep 03rd, 2014 at 4:37 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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The retirement of one of the debtors should not affect an ongoing Chapter 7 bankruptcy in any way.
Answered on Sep 02nd, 2014 at 6:41 PM
Real Estate Attorney serving Florence, KY
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Linda S. Novakov & Associates, PLLC
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Your petition is reviewed and presents the state of your finances as of the date of filing. What happens after that date would have no bearing on the petition or the facts contained therein. If you need to retire, then retire. I think the only time it might have an effect is if your filed a chapter 13 and after retirement, your income was reduced to a point where you would not be able to make the monthly plan payment.
Answered on Sep 02nd, 2014 at 6:40 PM
2 Awards
Are you in a 13 or a 7? If a 7, no. If a 13, yes.
Answered on Sep 02nd, 2014 at 4:29 PM
If you are making plan payments in a Chapter 13 and can no longer make them due to retirement, you should convert your case to a Chapter 7.
Answered on Sep 02nd, 2014 at 4:01 PM