QUESTION
Is deferred compensation like pension and Individual Retirement Arrangement exempt in a bankruptcy?
Asked on Aug 21st, 2012 on Bankruptcy - Texas
8 ANSWERS
Yes, it is a form of retirement. No, the trustee cannot take it.
Answered on Aug 27th, 2012 at 2:09 PM
Criminal Law Attorney serving Fremont, CA
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Steven J. Alpers, A Professional Corporation
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Deferred compensation is not a retirement program. You need to contact your lawyer if you have one to see what other exemptions may be available to you or if the terms of the deferred compensation say they are a retirement program you will need to get a copy of the terms from your Human Re sources Office.
Answered on Aug 22nd, 2012 at 12:40 AM
Appellate Attorney serving Grosse Pointe Farms, MI
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Musilli Brennan Associates, PLLC
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Generally they are exempt, but, as always, the devil is in the details.
Answered on Aug 22nd, 2012 at 12:39 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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No deferred compensation is not exempt.
Answered on Aug 22nd, 2012 at 12:38 AM
Litigation Attorney serving San Antonio, TX
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Graves Law Firm
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IRS qualified retirement programs are generally exempt. A bankruptcy lawyer can review your plans and tell you if they meet the requirements for the exemption, but they very likely do.
Answered on Aug 22nd, 2012 at 12:38 AM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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401K, IRA and pensions are exempt in bankruptcy. Deferred compensation may not be.
Answered on Aug 22nd, 2012 at 12:37 AM
Daniel James Wilson
Almost all pensions are exempt. Talk to your attorney.
Answered on Aug 22nd, 2012 at 12:37 AM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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Retirement benefits are usually exempt from the bankruptcy estate.
Answered on Aug 22nd, 2012 at 12:36 AM