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  1. #1
    Join Date
    Mar 2006
    Posts
    1

    Default Garnishment of Disability Benefits

    I'm 56 yrs. old, live in New Jersey, on permanent disability (SSI and Medicare), and owe 30,-35, thousand dollars to 4 or 5 credit cards. Two credit card companies have already started law suites against me. I want to keep my home, because to sell it and rent, would cost me more than my present mortgage payment. Bankruptcy is not an option for me because of that. I was told that my disability monies can't be touched, but other assets can (stocks, CD's, other bank accounts etc.). I do have 16, thousand dollars in a qualified retirement account set up by my union at my longest job which was 18 yrs, that job ended in 1996. My question is "Are the monies in this retirement fund able to be attached, taken, used to pay my debt???" "Can a judge take that money to pay my creditors???"... Thank you for your help.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Debt Problems

    You should consult a bankruptcy lawyer to see if your exemptions would protect your equity in your home. Your retirement account may similarly be exempt. In a Chapter 7 bankruptcy you should be able to discharge your credit card debts while maintaining your mortgage on your house. In a Chapter 13 bankruptcy, you would be put on a payment plan, and should still be able to maintain your mortgage.

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