Do we include pension money received when completing a financial statement for Chapter 7 bankrupcy?
We only have one working income. My husband lost his job and we relocated for his new employment (in which I lost my income and became unemployed). I have been unable to find work and I am receiving a reduced unemployment check because I filed for early retirement during a lapse in the unemployment. After the bank rushed to foreclose on our home before we could sell it, their financial office is harassing us for a 2nd mortgage loan and a second 2nd mortgage holder is threatening a deficiency judgment. We now live in DE; the property and lenders are in NC.
Yes, you should list all sources of income in the bankruptcy filing. However, some sources of income and some types of assets are exempt from creditors in bankruptcy. I will include a link below to a bankruptcy court website that will provide alot of basic information on the subject; you are advised, however, to consult with a bankruptcy attorney before filing, who can help make sure that you position youself properly and take advantage of every exemption which you can. (Note: I believe that not all pensions are treated the same, so it may make a difference whether this is a U.S. government, state government, or private sector pension). Good luck, and here's the link: http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter7.aspx