Legal Question in Bankruptcy in Ohio

I live in Ohio. I am retiring in two months. I will take about $20,000 (PLOP) of cash out of retirement and then I will receive monthly payments thereafter. I want to buy a mobile home to live in because my retirement benefit will be about $1200 a month. If I file chapter 13 - because of credit card debt - after I retire, will I have to include this $20,000 as income when I file chapter 13? Will I have to pay back the $20,000 to the court? Will I lose my mobile home if I buy one with the $20,000?

Asked on 9/29/16, 11:18 am

1 Answer from Attorneys

Jann Washington Jann C. Washington, Esq., LLC

If the use of the money is for your living expenses prior to the bankruptcy filing, it is unlikely that you will lose the money. That being said, no one can give you advice on such limited information. Your full financial situation should be reviewed by a bankruptcy attorney to truly let you know the status of those funds. Most bankruptcy attorneys provide an initial consultation for free.

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Answered on 9/29/16, 11:34 am

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