Question about pension/401K and other ??
We have optained an attorney and I'm getting ready to file chapter 7 later this month. We're filing 5 credit cards and several medical bills. This amounts to about $50,000. All our banking is through a Credit Union with my husbands job and we have the house and 1 vehicle financed with them. The payments are deducted from his check. We also owe Chase Auto for our second vehicle and have a loan on a travel trailer. We owe more than what the travel trailer and vehicles are worth so attorney said we shouldn't have a problem keeping them.
We have always had excellent credit and never been late but my husbands job recently cut his salary and he may be facing leaving on early retirement within the next few months. In fact he may be leaving during the time we file bankruptcy. So his salary would be zero at that point.
My questions are:
1: If husband does leave his job he will recieve a lump sum portion (17,000 net) from his pension plan and approx. 25,000 from his 401K. Can it be taken from us? We will need this money to live off of while looking for another job. One idea we tossed around is to pay off the vehicles with it if he finds a job soon after.
2: My parents are loaning us the money to pay the attorney and we agreed to pay them back monthly. After reading all the post here I'm worried about this situation now.
3: Will we have to stop our automatic deposits to the credit union and live off of cash after or during our filing? We get a discounted interest rate on our loans for having automatic deducitons and I would hate to loose that.
I'd appreciate any advice you feel would help us out here.
Thanks!
We have always had excellent credit and never been late but my husbands job recently cut his salary and he may be facing leaving on early retirement within the next few months. In fact he may be leaving during the time we file bankruptcy. So his salary would be zero at that point.
My questions are:
1: If husband does leave his job he will recieve a lump sum portion (17,000 net) from his pension plan and approx. 25,000 from his 401K. Can it be taken from us? We will need this money to live off of while looking for another job. One idea we tossed around is to pay off the vehicles with it if he finds a job soon after.
2: My parents are loaning us the money to pay the attorney and we agreed to pay them back monthly. After reading all the post here I'm worried about this situation now.
3: Will we have to stop our automatic deposits to the credit union and live off of cash after or during our filing? We get a discounted interest rate on our loans for having automatic deducitons and I would hate to loose that.
I'd appreciate any advice you feel would help us out here.
Thanks!