Q: Can I file chapter 7 bankruptcy? I just found out one month before retirement, an old business judgment from 12 years
I just found out one month before retirement, an old business civil lawsuit judgment from 12 years ago is attempting to be collected. I would like to consider filing chapter 7 bankruptcy. I am 65 years old and planning to retire this year. Pre-retirement my income was $175,000. Post retirement it would be about $84,000. The Judgment is for $4,000,000 plus. Can you help?
A: Sure, you can file for bankruptcy protection, although a chapter 13 might be more appropriate. But with an annual income of $84 K, it doesn't make any sense to not consult with your own bankruptcy attorney; it's not like you can't afford it.
David Luther Woodward agrees with this answer
A: Yes, but before you do, you need to consult a competent bankruptcy attorney to explore all of your options!
A: You should speak to a local attorney as determination of what chapter under the bankruptcy code is a complicated and detailed matter. But good news - if your post retirement income is pension and/or social security it may be fully exempt.
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