How Safe Is Your Pension? Creditor Protection For Retirement Plans And IRAs

The Bankruptcy Abuse Prevention and Consumer protection Act of 2005 (BAPCPA) brought much-needed clarity to debtor and creditor rights relative to retirement assets in a federal bankruptcy proceeding. Before the BAPCPA, debtor and creditor rights with regard to such assets were in a state of great c...

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Bibliographic Details
Published inThe Practical Tax Lawyer Vol. 22; no. 2; p. 33
Main Authors Naegele, Richard A, Altieri, Mark P
Format Trade Publication Article
LanguageEnglish
Published Philadelphia American Law Institute 01.01.2008
Subjects
Bankruptcy Abuse Prevention & Consumer Protection Act 2005-US
Bankruptcy claims
Bankruptcy laws
Compensation plans
Deferred compensation
Employees
Employers
ERISA
Federal court decisions
Pension plans
Personal bankruptcy
Retirement income
Retirement plans
SEP
State laws
Tax exemptions
Taxation
United States > US
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Summary:The Bankruptcy Abuse Prevention and Consumer protection Act of 2005 (BAPCPA) brought much-needed clarity to debtor and creditor rights relative to retirement assets in a federal bankruptcy proceeding. Before the BAPCPA, debtor and creditor rights with regard to such assets were in a state of great confusion both within and outside of federal bankruptcy. Assets in qualified retirement plans (pension, profit-sharing, and section 401(k) plans) continue to possess the most extensive debtor protections both within and outside of a bankruptcy proceeding. An IRA into which qualified retirement plan assets are rolled - an asset frequently attacked under pre-BAPCPA bankruptcy law - now constitutes a debtor protected reservoir of wealth in states providing strong IRA protection (such as Ohio) and under the new post-BAPCPA unlimited exemption for such IRAs in a bankruptcy proceeding.
ISSN:0890-4898
2640-9488