Pensions and Chapter 7 Bankruptcy filings

With the increase in bankruptcy filings, many clients have contacted us regarding the treatment of their pensions in a chapter 7 bankruptcy filing and whether they should borrow money from their pension prior to filing for bankruptcy.

Under the law in New York both Roth and traditional IRA’s are exempt  up to $1,283,025 in a chapter 7 bankruptcy filing.

401(k)s, 403(b)s, profit sharing plans, SEP & Defined Benefit Plans are completely exempt in a chapter 7 bankruptcy.

By: Steven P. Taylor
Law Office of Steven P. Taylor, P.C.

You may have heard that Chapter 7 is a relatively quick process. But how long does bankruptcy Chapter 7 take from filing to discharge?
Typically, you can expect your case to last anywhere between four to six months. But the timeline may vary depending on the specifics of your case. An experienced Dallas bankruptcy attorney can help guide you through the process and help you avoid potential pitfalls that could delay your case.

You may have heard that Chapter 7 is a relatively quick process. But how long does bankruptcy Chapter 7 take from filing to discharge?
Typically, you can expect your case to last anywhere between four to six months. But the timeline may vary depending on the specifics of your case. An experienced Dallas bankruptcy attorney can help guide you through the process and help you avoid potential pitfalls that could delay your case.

By now, you’re probably well aware of the benefits of bankruptcy. And if you’ve been struggling with unmanageable debt for a while, you may be seriously considering pursuing debt discharge through Chapter 7. But what how does it work, and what can you do to prepare your case? Below, we discuss how to file bankruptcy Chapter 7 and what you can expect during each step of the process.
Analyze Your Debts

By now, you’re probably well aware of the benefits of bankruptcy. And if you’ve been struggling with unmanageable debt for a while, you may be seriously considering pursuing debt discharge through Chapter 7. But what how does it work, and what can you do to prepare your case? Below, we discuss how to file bankruptcy Chapter 7 and what you can expect during each step of the process.
Analyze Your Debts

Finally, New Bankruptcy Protection for Disabled Vets
Disable Vet’s Income Not Offered Any Protection in Bankruptcy – until now!
It only took 15 years, but Congress finally decided that disabled vets should have some of the same protection as those on Social Security.

Most people who file Chapter 7 bankruptcy have little assets and qualify to have most of their unsecured debt discharged. Unsecured debt that may qualify to be wiped off or discharged includes medical bills and credit cards .  Having little assets and qualifying debt can help make the process a lot easier.

What Can I Expect to Happen During Chapter 7 Bankruptcy?

Deadlines in a Chapter 7 Bankruptcy