Can the Trustee Reach my Pension?

Filing for bankruptcy in the state of Texas has certain benefits.  One major benefit is that Texas has a list of exemptions, meaning things (up to a certain value) a trustee cannot reach in a bankruptcy proceeding.  One of these classes is retirement plans, which includes employee pensions and IRAs.

In order to qualify for this exemption a debtor must file for bankruptcy within the state of Texas.  The plan must also be a "qualified retirement plan", meaning it was created by employers for employees and meets certain IRS requirements.  Don't let fear of losing your pension keep you from bankruptcy relief.  Filing for bankruptcy in Texas allows you to protect your next egg.  If you are considering filing for bankruptcy in Texas but have questions about your pension, contact a knowledgeable Fears | Nachawati Law Firm attorney today.