Questions about chapter 7 and severance package.

[rbran1974]

My attorney wanted to file chapter 7 this upcoming week and I was just laid off from my current job and will receive almost 20,000 in severance pay within the next 60 days.

Will I lose my severance money? Should I wait to File?

[despritfreya]

You need to discuss this with your attny. It may or may not be partially or fully exempt. If it is not exempt or the exemption does not cover all of the $$ you need to decide if you want to file before the $$ is received and spent, thus giving a gift to the Trustee.

Talk to your attny before you do anything. This is just too much $$ to risk without knowing what the risk is.

Des.