Legal Question in Bankruptcy in Arkansas

Chapter 13 and Retirement

need help! Filed chap 13 and have been making payments to trustee since dec. 2002. Am 55 and eligiby for retirement. Retired 10-30-2003. Choosed lump sum to invest in annuity with my bank. Only other income is small food service i do from home. Did I do wrong? Should I have not taken lump sum? Want to payoff car. Trustee sd cld not pay off house till after my 3 year term.


Asked on 11/28/03, 4:20 pm

1 Answer from Attorneys
Harvey Harris Harris Law Firm

Re: Chapter 13 and Retirement

Whether you did wrong or not by taking the lump sum settlement is how bad you wanted or needed the money right now as well as how much you are having to pay in taxes by taking it out right now. If you have any tax implications at all. I am not sure about why you can't pay off your car or house. I would look at what your Ch. 13 pay schedule says to see what the terms and conditions are.

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Answered on 11/30/03, 2:27 pm


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