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VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience:  Chapter 7 & 13
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My husband had to retire and now with the economy the way ...

Resolved Question:

My husband had to retire and now with the economy the way it is we cannot get a home equity to payoff credit card debt...over 60 thousand. Can they take his pension or his retirement fund? WE live in Pa ...can they take anything or is it just being hassled by collections that we will have to worry about?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 8 years ago.
In Pennsylvania, generally a debtor may claim exemption of certain personal property from attachment or execution or forced sale for the payment of debts such as:
  • wearing apparel,
  • bibles and school books,
  • sewing machines belonging to seamstresses or used and owned by private families, but not including sewing machines kept for sale or hire, and
  • uniforms and accouterments;
  • qualified retirement funds and accounts,
  • pension or annuity,
  • insurance proceeds,
  • social security benefits, and
  • workers' compensation benefits. (42 Pa.C.S. § 8124.)

These are exemptions under bankruptcy for the State, so as you can see your retirement funds would be safe.

In bankruptcy you have certain exemptions (things that cannot be taken from you), Pennsylvania allows you to choose the State exemptions or the Federal Exemtions, whichever are more advantageous to your situation.

You need to consult with a bankruptcy attorney in your area to go over your entire financial situation to see what is best for you.

VanDLaw and 2 other Bankruptcy Law Specialists are ready to help you