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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 30905
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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I am 70 years old who has been receiving a pension for about

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I am 70 years old who has been receiving a pension for about 14 years and the company that employed me was CONSTAR INTERNATIONAL INC and is now filing Chapter 11. I just received a notice from the United States Bankruptcy Court For The District of Delaware. It was sent to "All Holders of Claims and Equity Interests and Parties in Interest." It is an Notice of Disclosure Statement Hearing. I am now residing in Anderson, South Carolina. I do not have any stocks or other such equities in the company. My question, of course, has to do with the security of my pension. Is it safe? How do I find out if it is in jeopardy? What can I do if it is? Do I need an attorney in Delaware. Can you help me with all of this.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 5 years ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.


Pension funds usually are not in jeopardy if a business goes bankrupt because of ERISA (federal law) requirements.


Generally, ERISA requires that (1) pension plans be properly funded to meet promised benefits and (2) pension money be kept separate from the company's business assets and held in trust or in some other separate means. Holding the pension separately protects it from creditors in a bankruptcy proceeding.


However, it is worth consulting a local attorney to contact the bankruptcy attorney for the company and verify that the company's pension plan is going to continue through the bankruptcy. If this is confirmed, you should have nothing to worry about.

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