Bankruptcy Plan
A San Jose bankruptcy attorney shows an example of a bankruptcy plan question...
This, from an example of a San Jose bankruptcy client:
I have been taking $2,500 gross per month for the past year to meet our monthly living expenses from my retirement savings. I will need to have that this month, and in addition a lump sum to pay some other items such as your fees. Will the fact that I have relied on that account to meet our expenses have an impact on our bankruptcy plan? And if I have to continue to draw it down will that impact. I'm hoping that I will not need to draw anymore funds out of it.
Answer, from an attorney within our San Jose bankruptcy firm:
The $2500.00 per month you have been withdrawing from your retirement account will be reflected as income that you have received in your bankruptcy petition. If you stop drawing from your retirement account, then your income will go down. The remainder of the funds in your retirement account will be completely protected under the California bankruptcy exemptions. Hopefully with the filing of your bankruptcy you will no longer need to prematurely withdraw from your retirement account.
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