Is My Retirement Check Safe from the Bankruptcy Trustee in Kansas?
By Jill Michaux, Kansas Bankruptcy Attorney on Oct 27, 2007 in Bankruptcy Practice and Procedure, Benefits of Bankruptcy, Choosing Bankruptcy Attorney, General Bankruptcy Information, Kansas, Life After Bankruptcy, Protecting Assets In Bankruptcy
Probably, but only your bankruptcy attorney can tell for sure if your retirement check is safe from the bankruptcy trustee when you file bankruptcy in Kansas claiming the Kansas property exemptions.
The Kansas exemptions protect your Social Security retirement benefits and retirement benefits from the federal government and the State of Kansas. Also protected are qualified retirement plans with private employers such as defined pension plans, 401(k) plans, profit sharing and employee stock option plans. Kansas law protects individual retirement accounts and Roth IRAs.
A 503(b) annuity for healthcare workers and educational employees is protected but if your retirement check is a distribution from a non-qualified annuity, your benefits are not exempt in Kansas. Again, only your bankruptcy attorney can tell for sure.
What property is exempt in bankruptcy and removed from the reach of the bankruptcy trustee is a complex area of law requiring the expert analysis by a bankruptcy attorney. You should not try to claim exemptions yourself.
In my experience, debtors who try to save money by not hiring a bankruptcy attorney, lose property because they do not have the expertise to identify their property rights and claim the proper exemptions in bankruptcy.
If you liked that post, then try these...
Will Countrywide be Able to Defend Itself Against Serious Claims that it Attempted a Fraud in the Bankruptcy Court? by Stephen Otto, Pennsylvania Bankruptcy Attorney
Unrecorded Mortgages by L. Jed Berliner, Springfield Bankruptcy Attorney
Trustee as Hypothetical Bona Fide Purchaser by Nicholas Ortiz, Boston Bankruptcy Attorney
You must be logged in to post a comment.