The Supreme Court held that retirement plans that have a legally enforceable anti alienation clause (a provision preventing creditors from attaching the retirement funds of a debtor) are not property of the bankruptcy estate and thus are not subject to the jurisdiction of the bankruptcy court and cannot be accessed to pay creditors.
Nearly all pensions and 401K savings plans that are qualified under ERISA, the federal pension savings act, have an anti alienation clause that excludes them from the bankruptcy estate.
1- can I transfer money I have in money market fund to my wife at this stage (remember, Im not in default at all as of now on the loan).
2- how about another property that I have, can I do the same as above
3- since the property of subject is in LLC, how does being late on payments and maybe eventualy default affect me (credit wise)
1. Any transfer made within 6 months of filing the bankruptcy can be reversed by the trustee.
2. Same answer.
3. Unless you personally guaranteed the loan, it will not effect you personally.
thanks Kirk..one more thing.
I have guaranteed the loan personally and so did my partners. what happens now? The loan is not showing on any of our credit reports.
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