Legal Question in Bankruptcy in California

Will I lose my PERS pension because I file for Bankruptcy?

I am considering filing for bankruptcy , because of high credit card debt. Have tried other options. Would we lose our PERS pension if we file? And how do you know which Chapter to file, want a fresh start. Will be keeping house mortgage and two car payments. Not a dead beat,just over our heads. Want to clear ourselves of card debt only.


Asked on 3/14/98, 12:28 am

2 Answers from Attorneys
Ken Koury Kenneth P. Koury, Esq.

Pensions are protected

Things like pensions, 401ks and IRAs are protected in most cases when you file bankruptcy. How much of the credit card debt that will be discharged depends on what type of bankruptcy you file and I can not determine which would be most appropriate without a little more information on the nature of the assets and debts. If you want, give me a call and I'll discuss it with you (no charge for the call). Good luck.

Read more
Answered on 3/19/98, 1:46 am
Mark Markus Law Office of Mark J. Markus

Will I lose my PERS pension...

Whether you can keep your pension depends on if it is an ERISA qualified pension plan (which I believe PERS is) or, if not, on how much money is in the Plan. Which chapter to file under depends on a multitude of factors which should only be decided after a comprehensive consultation with an attorney. It sounds like you have the typical situation for which bankruptcy was designed. I invite you to visit my web page (address below) and give me a call if I can be of any assistance.

Best Wishes,

Mark

Read more
Answered on 3/19/98, 2:24 am


Related Questions & Answers

More Bankruptcy Law questions and answers in California