I am considering taking early retirement at 62. In order to do this, I will have to file a Chapter 7 bankruptcy to get rid of my debt. I currently own a home, however, I am "underwater" in equity. My question is: can my creditors go after my monthly Social Security income? This will be my only source of income. I have no 401K and a very minimal amount in savings ($3-4,000).
1 Answer from Attorneys
Generally speaking, most creditors cannot reach your SSI. However, a creditor may be able to garnish an account if you mix your SSI with something else.
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