Legal Question in Bankruptcy in Pennsylvania

money received from a retirement fund

Sir,

Thank you for taking the time to answer my question. To explain further: In Jan of this year I was laid off from my job and I opted to take the money from my retirment account, a total of $7,500.00 than after paying the early withdraw fee and a loan against the account through the fund, I received aprox $4,500. This money was used to suppilment my unemployment checks and other expenses. My question is, can I file for bankruptcy, Chpt. 13, at the present time and what is the best way of getting a bankrupcy attorney?

Thanks


Asked on 6/30/99, 10:42 pm

1 Answer from Attorneys
Susan Freiman The Legal Clinic

Re: money received from a retirement fund

The fact that you cashed in your retirement fund does not disqualify you from filing bankruptcy. You will have to disclose it, and be prepared to prove what you did with the money.

Why Chapter 13? Why not a straight bankruptcy (Chapter 7)?

You should get advice from a ompetent bankruptcy lawyer. If you have no money, ask Legal Aid for help. Most bar associations have a panel of lawyers willing to work for reduced fees. You can also call several lawyers from the Yellow Pages.

Good luck!

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Answered on 7/12/99, 3:05 am


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