Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Can You Save Your Pension during Bankruptcy?

Exceptions are available for many important assets during the bankruptcy process. In particular, a person’s pension is considered excluded in many instances. This can allow a person to protect these crucial assets from being lost during bankruptcy.

If you’re concerned about protecting your property during the bankruptcy process, you may want to work with a legal advisor to help you find these important protections. For more information about how our services may be able to assist you with exemptions and other considerations, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC, today at (205) 324-4000.

Pension Exclusion

A person filing for bankruptcy can save their pension as long as they properly indicate the pension early in the process. These pensions aren’t exempted from bankruptcy, but are actually considered entirely excluded from the process. However, a bankruptcy trustee needs to have the pension brought to their attention before the account can be excluded.

The pensions protected by bankruptcy exclusion can include:

  • ERISA accounts
  • Tax deferred annuity plans
  • Government retirement accounts
  • IRAs, namely for educator retirement funds
  • Deferred compensation plans

A person needs to make sure that they bring this exclusion to the court’s attention through the proper paperwork.

Contact Us

If you’re considering the effects of bankruptcy on your retirement, we may be able to help you set up the proper exclusions and exemptions for your money. To learn more about your options in going forward with bankruptcy, contact the Birmingham bankruptcy attorneys of Greenway Bankruptcy Law, LLC, today by calling (205) 324-4000.

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Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000