Understanding Bankruptcy, Nov. 27, 2019

Filed under: Latest News |

BY MICHAEL A. CIBIK, ESQ.
AMERICAN BANKRUPTCY BOARD CERTIFIED

Question: Can filing for bankruptcy take my Social Security away?

Answer: A major concern for filing bankruptcy is whether your Social Security funds can be taken from you.

The good news is that Social Security benefits are exempt and therefore protected in bankruptcy. This means you can continue to receive ongoing payments as well as payments you received prior to filing for bankruptcy if your Social Security benefits are in their own account.

If your Social Security funds are mixed with other funds, you will have to prove that the money came from social security and not from another source, which can be difficult. Before moving money around, it is best to talk to a lawyer to determine the best steps should take and what type of bankruptcy you should file for.

Next Week’s Question: What happens to my retirement plan if I file for bankruptcy?

Michael A. Cibik, Esquire
www.ccpclaw.com
ccpc@ccpclaw.com
215-735-1060

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