Q: My elderly parents have no property, but a lot of debt. If they file for bankruptcy can they keep their annuity payments
A: Most likely, yes.
A: This is going to depend on the nature of the annuity payments. If the annuity is a qualified retirement account, it's protected in bankruptcy. If it's some other form of financial product, the annuity might not be safe. Have your parents schedule a free consultation with a local bankruptcy attorney so they can get information based on the specific details of their situation.
Timothy Canty agrees with this answer
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