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File Bankruptcy or not, advise me plz

#16
He Des and others, thanks for chiming in.

He did assert that although the VA disability was untouchable, the military retirement, though not subject to garnishment, could be levied or attached from my bank account after a judgement.

Thank you again for your advice.
 


#17
Hey Des, I think the pension you referenced is. VA pension.

https://www.benefits.va.gov/pension/

That’s not a pension I get. That’s something I believe that Vets 65 and older can qualify for.

I have seen some information stating 10 usc 1440 is a federal code covering the Military retirement I receive though. But I don’t know.

http://uscode.house.gov/view.xhtml?path=/prelim@title10/subtitleA/part2/chapter73&edition=prelim

I am about to just let the chips fall where they may. Things aren’t going so great. Thank you all again.
 
#18
Hey Des, I think the pension you referenced is. VA pension. That’s not a pension I get. That’s something I believe that Vets 65 and older can qualify for. I have seen some information stating 10 usc 1440 is a federal code covering the Military retirement I receive though.
10 U.S. Code § 1440 states:

Except as provided in section 1437(c)(3)(B) of this title, no annuity payable under this subchapter is assignable or subject to execution, levy, attachment, garnishment, or other legal process.

You and the other attny would be correct if your retirement falls under Title 10. The above provision lacks the terminology that such payments “shall not be liable to attachment, levy, or seizure by or under any legal or equitable process whatever, either before or after receipt by the beneficiary. .”

So, regardless of which provision covers your pension let’s assume it is the less protected one - here is how you remain judgment proof to the extent possible.

1. As you alluded to, you set up two bank accounts. VA disability goes into one and the pension goes into the other.

2. You never add anything to the VA disability account.

3. You live off the pension account FIRST and you spend as little of the funds in the VA disability account as possible.

4. You let the VA disability account increase - that becomes, the extent possible, your protected “nest egg”.

Des.
 
#19
Thank you Des. I will do that. I will keep the amount the lawyer will charge me for filing in case I need to file. Honestly I don’t have any more space in my brain right now to deal with it right now. Best wishes to you and thank you for taking time to respond.