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Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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can i lose my military retiree pension and my SSD if the corporation

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can i lose my military retiree pension and my SSD if the corporation I won files for bankruptcy protection?


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on


When you create a corporation, it is considered a separate entity from the founder, so if the corporation goes bankrupt the personal assets of the founder are not affected,


Also, SSD and retirement pensions would be exempt under bankruptcy law anyway.

Customer: replied 4 years ago.
What if there were personal guarantees on the bank loans to the Corp? An LLC that is 50 50 owned by me and a partner. Thank you
In terms of personal guarantees, the creditors can go after you personally they would not sue the partner unless he was a personal guarantee as well.

However, since ssd and pensions are protected from collections you would not be hurt.
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