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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16409
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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If you declare bankruptcy, how will it affect your pension a

Resolved Question:

If you declare bankruptcy, how will it affect your pension and IRA account?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 4 years ago.

if you fie a chpater 7 bankruptcy pensions and IRA accountsw are exempt from collections, if your pension is paying you money now that income will be used to calculate your income.

 

these are what are exempt in ILL

 

http://www.bankruptcyinformation.com/IL_exemp.htm

INSURANCE

Fraternal benefit society benefits

215-5/299.1a

Health or disability benefits

735-5/12-1001(g)(3)

Homeowners' proceeds if home destroyed, to $7,500

735-5/12-907

Life insurance, annuity proceeds or cash value if beneficiary is insured's child, parent, spouse or other dependent

215-5/238

Life insurance policy if beneficiary is insured's spouse or chil

735-5/12-1001(f)

Life insurance proceeds if clause prohibits from being used to pay beneficiary's creditors

215-5/238

Life insurance proceeds needed for support

735-5/12-1001(f), (g)(3)

MISC.

Alimony, child support needed for support

735-5/12-1001(g)(4)

Property of business partnership

805-205/25

PENSIONS

Civil service employees

40-5/11-223

County employees

40-5/9-228

Disabled firefighters; widows and children fo firefighters

40-5/22-230

ERISA-qualified benefits

735-5/12-1006

Firefighters

40-5/4-135, 40-5/6-213

General assembly members

40-5/2-154

House of correction employees

40-5/19-117

Judges

40-5/18-161

Municipal employees

40-5/7-217(a), 40-5/8-224

Park employees

40-5/12-190

Police officers

40-5/3-144.1, 40-5/5-218

Public employees

735-5/12-1006

Public library employees

40-5/19-218

Sanitation district employees

40-5/13-808

State employees

40-5/14-147

State university employees

40-5/15-185

Teachers

40-5/16-190, 40-5/17-151

Customer: replied 4 years ago.
when you say my pension is used to calculate my income, what does that mean
Expert:  WALLSTREETESQ replied 4 years ago.
if you are receiving any income from your pension, if you were retired currently and living on your pension that income is included in determining your monthly income.
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 16409
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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