Pension and Bankruptcy

Posted by Springer (12.215.122.57) on March 08, 2004 at 17:24:32:

I've been looking into information on filing bankruptcy. My only income is a pension check. I haven't talked to a lawyer yet, but it looks like if you receive a pension check from an ERISA qualifed pension plan, that check is exempt from bankruptcy. In 1992, this issue landed in the U.S. Supreme Court. The case was called Patterson v. Shumate. The Supreme Court issued one of its rare unanimous decisions: your pension is protected. The bankruptcy creditors cannot seize your pension check.
So if you're a pensioner and considering bankruptcy, you might want to look into this.
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