Bankruptcy

QUESTION: I have over 50K of debt and will never get it all paid off. I am over 60 and want to retire and collect my pension.

Can I retire and get my pension if I go bankrupt?

ANSWER: You can retire and go bankrupt, that is not a problem.

If your pension is to pay you a monthly amount it will be looked at as income in your bankruptcy and will be fine.

If you are to receive a lump sum from the pension and go bankrupt, this could be a problem as the Official Receiver may want some of or all of the lump sum to be paid into the bankruptcy.