http://ssanjaylawoffice.com/blog News, information and resources about filing consumer bankruptcy in Massachusetts by Sanjay Sankaran, Esq. Sun, 08 May 2011 21:47:59 +0000 en hourly 1 http://wordpress.org/?v=3.0.4 http://ssanjaylawoffice.com/blog/2009/12/11/pension-and-retirement-accounts/ http://ssanjaylawoffice.com/blog/2009/12/11/pension-and-retirement-accounts/#comments Fri, 11 Dec 2009 22:03:15 +0000 Administrator http://ssanjaylawoffice.com/blog/?p=160 While pension and other retirement accounts are exempted by 11 U.S.C. s. 522(d)(12), debtors should be aware that the money they have in such accounts can be used to satisfy any amounts they may have to pay to their creditors after the trustee’s investigation. As long as the debtor is able to take this money out, these funds might relieve penalties for prepetition transfers or other property alleged to be in the debtor’s estate. And of course, freeing up part of the funds available in a retirement account does not completely halt the debtor’s retirement savings planning. Be sure to consult with a qualified bankruptcy practitioner in your jurisdiction as regards the ability of a pension or retirement account to qualify for an exemption under the appropriate federal or state law.

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