after-retirement and bankruptcy

June 5th, 2006 by Questions

should a person on a pension claim bankruptcy; the person is 83?

Questions

One Response to “after-retirement and bankruptcy”



June 06, 2006 at 1:08 am, Barton Goth, GCO Inc. Bankruptcy Trustees said:

While I can’t say whether you should or shouldn’t file I can say this. Realistically, if you are on a pension and have limited assets there probably is no need to file a bankruptcy as you would be what we refer to as creditor proof. Meaning, if you your creditors did push things as far as a judgment, there is really nothing the creditors could do to enforce this judgment as you don’t have sufficient income or assets to sue anything. The downside of this is that you must be in a position where you are willing/able to handle the stress of putting up with the creditors long enough for them to realize there is nothing they can attack and we have no way to predict how long this may take. Most people I have seen in similar situations who have decided to file for a bankruptcy have done so primarily to stop the stress that these collection efforts often cause.

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