I have read back through the posts. Thank you AJ and Mr. K for the exemption info.

OP,

Assuming there is equity in your residence above the allowed exemptions, once a creditor obtains a judgment, the creditor could execute against the home as provided under State law.

Assuming there is no exemption to protect your right to the income from the sale of the cottage, once a creditor obtains a judgment, the creditor would be able to garnish the proceeds as provided for under State law.

Assuming the vehicles are not fully protected by an exemption, once a creditor obtains a judgment, the creditor could execute against the vehicles as provided for under State law.

What cannot be touched by any creditor (except the IRS) is the payment of SS and/or SS Disability so long as those funds have not be commingled with any other money. Those funds need to be kept in a segregated bank account and you are never ever to add to the account any money that did not clearly, without question, come from SS or SSDI.

If you elect to do a bk, in a Chapter 7 you will lose the non exempt assets (property) to the Chapter 7 Trustee. He or she will sell the asset, give you an amount equal to your allowed exemption and give the rest to the creditors, less his/her fee.

If you elect to do a bk, in a Chapter 13 you get to keep all of your non exempt assets (property) so long as you agree to pay the value of the non exempt property to your creditors over a 3 to 5 year period. Your Chapter 13 Plan can be a combination of monthly payments and the sale or refinance of some asset to assist in funding the Plan or it can simply be a monthly payment high enough to pay creditors what is required to pay over the 3 to 5 year period.

Your next step is to meet with a bk attny.

Des