Legal Question in Bankruptcy in California

I'm 58 years old & don't plan to retire until I'm 65.

I have a pension plan & upon retirement I will get a monthly stipend & a lump sum cash distribution which today is valued at over $85,000.

Even though I'm receiving nothing now & have no immediate access to the cash, is this considered an asset, & should it be listed as such in my petition & if so what is its value?

Thanks,

Richard


Asked on 12/19/13, 5:45 am

1 Answer from Attorneys
Misty Wilks www.FinancialSolutionsLaw.com

If you are referring to the bankruptcy petition, ALL assets have to be listed. The important part is to make sure the appropriate law - "exemption(s)" is applied on Schedule C to make sure you can keep it.

This is the crucial part where attorneys know which laws protect which assets, how to apply exemptions strategically, and how to handle the situation and/or negotiate with trustees when appropriate.

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Answered on 3/12/14, 12:37 am


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