Bk touch IRA?

[ZOIE]

What is the name of your state? Indiana
My father is 75 yrs old and has a limited income. He has a motorhome that he owes about $55,000 on, but is worth about $10,000 (maybe), it can not be used because of storm damage & the Ins. Co. refused to pay enough for it to be fixed properly years ago. He also has an IRA. Can he file BK 7? Will the IRA be a problem? After the bills are paid from his income, how much money can be left over and still file BK on this motorhome?
Thanx Zoie

 

[Ladynred]

If he owes that much on it and its only worth 10K, then there shouldn't be a problem including it.. he's upside down on it.

The IRA is likely safe. The source we used to use to check on the exemption has been removed (Bigun.. we need another source !) Best thing to do is to get a couple of free consultations with BK lawyers to be certain.

The key with a Ch 7 is DISPOSABLE income. If, after all normal living expenses are paid, he has less than $100/mo left over, then Ch 7 probably isn't a problem. The closer to ZERO this disposable income number is, the better. Most people seriously underestimate their expenses, so you'd need to look at EVERYTHING.