Seeking advice on personal bankruptcy?

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Q. I would like some advice & info from someone who has experienced personal bankruptcy in New york city. Specificly regarding the choice of a lawyer. What happens to your IRA & Pension Fund can they seize that? But any kind of information will be grately appreciated. Thank you very much to whom ever can help.

A. don't have a referral for you, and I can't say whether your pension fund or IRA are exempt because it depends on state law and on the details of the pension/IRA. What I can do is advise you to act quickly, as the bankruptcy "reform" bill (commonly referred to as the "creditors protection act of 1998"), which was bought by the credit card industry for more in campaign contributions than paid by the tobacco industry, is likely to pass within the next few days (the House passed one version; the senate is likely to pass its version today, and they will likely be reconciled quickly and sent to the president who will probably not veto the bill if it is similar to the senate version). The bill will substantially impair the ability of debtors to file bankruptcy and obtain the relief they need, and the cost (legal fees) will likely go up substantially because of hugely increased burdens on debtors' counsel. So act fast - it could be enacted as soon as next week, although there is likely a little more time than that.

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