Personal
Bankruptcy and Retirement Plans
Your retirement/pension
may or may not be exempted. It all depends on how it’s set up. It may be protected if
it’s covered by the federal ERISA act (Employee Retirement Income Security Act).
Under federal rules, if you have limited access to your money, the bankruptcy court
can’t get at it.
Call your benefits coordinator to see if your plan is so covered. A non-Erisa plan may
also be safe but you’ll have to check with an attorney familiar with the latest
retirement law changes. You’ll also have to check with your attorney concerning your
IRA plan. Your funds may or may not be sheltered.
© Copyright 2005, Ariza Research, All rights reserved
– ABP |
 |