Thanks to the economic meltdown our retirement investments are in bankruptcy. Trustees tell us we should only count on 5% (so that would be $19,000 instead of our savings of $400,000) AND we shouldn\’t think about receiving it for at least 2 years.
My wife and I are on disability pensions. This is our sole income at $4000 per month. Neither of us can take on a simple job. Together we can help each other. Our house and lot has substantial equity but over the past 15 years we spent over $120,000 to equip it for our disabilities. A realtor said the lot has substantial value ($125,000) but the house is ONLY of value to the disabled … Demolish the house and sell the lot! We would be homeless. We are financially tight but can live independently if we can stay in the house.
The monthly revenue stream from the investments is gone. We owe about $37,000 – payments were covered by the revenue stream – & that\’s gone!
If we go bankrupt, is any part of our disability pension taken by the trustee? You can have the 5% promise from the investments, but the pensions allow us to stay in our home. The pensions could never support us outside of this property – the $ from the land sale alone could never equip another place for us.
Thanks!