Chapter 7 and Pensions in VA
I will not be eligible for a pension until August of this year and that would be at a reduced rate. I did not intend to file for that pension until next year. In one place I read that in Virigina 75% of earned but unpaid pension payments are exempt and in other that the first $17,500/year is exempt. This pension is from a defined pension plan, not a 401, 403, or IRA.
I would only receive about $560/month or $6720/year if I received the entire thing. Can someone tell me if I will lose 25% of my pension as long as it is being paid to me?
I haven't talked with an attorney yet. I'm trying to get as much together as I can before I do.
Any information and references to this will be greatly appreciated.
Thanks .....
usually pensions are protected under bankruptcy. And your bankr
usually pensions are protected under bankruptcy. And your bankruptcy is usually based on what your finances are when you file. So if you are not eligible for awhile, it should not be an issue.
I think soap is right, but I would consult an attorney. Your con
I think soap is right, but I would consult an attorney. Your consultation is usally free & they should be able to help you with that.
I'm in VA also and filing at the end of the month, but this is not an issue for me so I'm not really sure. I have seen the 75% thing too, but honestly, that is very confusing to me as well!
Hey dobieg --- I found this info, not sure if it will help ( her
Hey dobieg --- I found this info, not sure if it will help ( here is the site: http://www.bankruptcyaction.com/vaexemptions.htm)
Pension Plans exempt from seizure:
Employee contributions to ERISA qualified retirement plans, deferred compensation plans, tax-deferred annuities, and health insurance plans.
filing bankruptsy
my va disability pension soon to be stopped because of a 13 year warrant which I appealed and was recently denied, regardless of the warrant being dismissed a year ago. va says I am still responsible since the date of the warrant up to date it was dismissed. I am now in the process of filing for bankruptcy in order to stop them from taking my full pension, as that is what I was advised to do, by va debt management. Is that true, upon filing and everything goes through before the date its due to cease, will I still receive my full pension. This is my first time in having to go this route. Hopefully you can advise me asap. I already will be speaking with an attorney followin this day. Appreciate your reply. :cry: :cry: