Can I file chapter 7 bankruptcy after I retire?

Answer by  MarkWatrous (729)

The short answer is yes. However, please find another solution. Agreed, the bankruptcy court cannot touch your Social Security. If you have income from a "qualified" plan (contact the company that provides your other retirement income to see if it is), the bankruptcy court will not be able to use that as part of your means test. Get a lawyer!

Answer by  Fair2Earn (8)

Anyone can file chapter 7 bankruptcy to discharge your debts by selling your non-exempt property with a limitation that you cannot file another claim till the expiry of eight years.

Answer by  dan1658 (185)

Just about any time your assets are cannot cover your debts you may file bankruptcy. It may not be advisable but it is not impossible.

Answer by  johnresa (2455)

Yes you can file for bankruptcy after you retire. There are a few stipulations, but your retirement fund would even be safe.

Answer by  maggiem (133)

Chapter 7 bankruptcy is possible after retirement and retirement assets are protected up to one million dollars. People sometimes struggle with debt after retirement and bankruptcy is one possibility.

Answer by  John (9008)

You can file a Chapter 7 bankruptcy whenever you like. The problem is that if your creditors can show that you are doing so fraudulently, or that you are voluntarily not working, then it will be dismissed. Also, you could lose any retirement savings.

Answer by  rjp (28)

You can file for bankruptcy after you retire. There is a larger process that you must go through that makes getting back on your feet more difficult.