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    #1

    Retirement?

    Okay i was wondering like if you have a Retirement at your job and say its 20 Years before you retire. why would the trustee care about that money down the road 20 years from now.

    I have a Pention i pay in to and they wanted to know all about it.


    Thanks for any help on this.
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    #2
    If, you are contributing more than the employer match, the trustee may see that contribution as a source of funds for a Chapter 13.
    What specifically are they asking?

    Comment

      #3
      Originally posted by journey View Post
      Okay i was wondering like if you have a Retirement at your job and say its 20 Years before you retire. why would the trustee care about that money down the road 20 years from now.

      I have a Pention i pay in to and they wanted to know all about it.


      Thanks for any help on this.
      It is all about right now and not 20 years from now. The Trustee is interested in your present funds that may be available to creditors. You will need to provide all information on your retirement account to your attorney and trustee and what is being deducted for your contributions from your paycheck. Note - what is in your retirement account is exempt; what may be an issue is your contributions as they are voluntary and can be viewed as funds to pay your creditors. Your attorney will or should go over all that with you.
      _________________________________________
      Filed 5 Year Chapter 13: April 2002
      Early Buy-Out: April 2006
      Discharge: August 2006
      "A credit card is a snake in your pocket"

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        #4
        Ok i work for the Department of Energy. The Retirment System is set on Points.

        So i was 26 years old when i was hired and recieved 26 point on my hiring date
        every year i get 1 point on my hiring date and i get a point on my birthday.

        When i get to 85 points i will be 55 1/2 years old i can retire
        so ireally dont contribute any funds out of my paycheck.

        Comment

          #5
          Originally posted by journey View Post
          Ok i work for the Department of Energy. The Retirment System is set on Points.

          So i was 26 years old when i was hired and recieved 26 point on my hiring date
          every year i get 1 point on my hiring date and i get a point on my birthday.

          When i get to 85 points i will be 55 1/2 years old i can retire
          so ireally dont contribute any funds out of my paycheck.
          OK, at my age I thought I knew it all. LOL. Really a neat deal. I think since you are not dealing with contributions, you are no problem. 'Hub

          You are fortunate for such a good system.
          If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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            #6
            Thanks Hub. I tryed to axplain this to my attorney i dont think she had ever heard of this system eihter.

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