Legal Question in Credit and Debt Law in Pennsylvania

Deferred Compensation payout

I have approximately $60000 in consumer debt and although I current on all payments, it'll take me years to pay it off. I just bought a house, so I have no equity to borrow against and no relatives to lend me the money. I feel like I'm in quicksand. I have a state pension waiting for me upon retirement in 8 years and I am enrolled in a deferred compensation plan thru my job with $75000 in it. Short of divorcing my wife, or quitting my job (which would automatically entitle me to my money immediately), is there a way to get that money so I can clear the majority of my debt. I understand that the deferred money is for my retirement, but I already have a excellent pension, and if I can get rid of my current debt, I can easily start a secondary fund with all of the monthly interest I'm throwing away.


Asked on 3/05/08, 1:34 pm

1 Answer from Attorneys
John Jackson Law Office of John A. Jackson, P.C.

Re: Deferred Compensation payout

File for bankruptcy.

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Answered on 3/05/08, 3:37 pm


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