Tuesday, June 4, 2013

Social Security Income and Bankruptcy

What Will Happen To My Social Security Income If I Declare Bankruptcy?

The good news is Social Security retirement benefits are protected in bankruptcy.

The most commonly used protection for benefits is the fact that social security income is excluded from income available to repay creditors. This means it does not count in the means test for chapter 7 eligibility, and is not considered as income used to determine the amount to repay unsecured creditors in a chapter 13 bankruptcy.

If you are considering filing for bankruptcy you need to speak to a professional. Call the bankruptcy attorneys of King and King in Atlanta, Georgia for a free consultation. 404-524-6400

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