Legal Question in Bankruptcy in Georgia

I am unemployed and drawing early social security, my unemployment will run out about February and at that time I will have to start using my IRA to make it. I have about 35k in paid for assets that I do not want to loose, 1 house that a ex lives in that I do not want to give up for my obligation to her (she and I are on the deed but I hold the loan) and my current place that is upside down that I would like to give up and about 8k in CC debt and 21k in secured debt some of that I would like to loose.

I am also considering giving a loan of 30k to a friend out of my IRA to pay for her to buy a property that I could live on without adding to my assets. and would that be legal if bankruptcy is the answer.

Are there any silver bullets out there?

I would consider a good reasonable attorney in my area.


Asked on 12/31/10, 12:46 pm

3 Answers from Attorneys
Scott Riddle Law Office of Scott B. Riddle, LLC

You don't have much choice other than to see a bankruptcy lawyer in your area. Many more details are necessary, and that involves a detailed conversation and not a website. However, if you really want to screw up your financial situation, take $30,000 from your IRA and loan it to a friend.

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Answered on 1/05/11, 1:04 pm
Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

If you are thinking of a bankruptcy, you can forget it of you hand $30K out of an IRA to a friend. The friend would probably get sued for a return of the money and you'd probably see a suit to dismiss your case.

Since you can keep an IRA in most Bankruptcy's and have those funds available after the case, it would also be about the worst financial move you could make.

If you are thinking of bankruptcy, before making any moves, see a lawyer.

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Answered on 1/05/11, 1:22 pm
Bernd Stittleburg Stittleburg Law Offices, LLC

I agree totally with the other two attorney's comments. You would certainly shot yourself in the foot should you loan any money to anyone and then file bankruptcy. Don't do it. Contact an attorney before you do anything.

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Answered on 1/05/11, 2:04 pm


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