Protect Retirement

I have approximately $150,000 in my 403B and DCP retirement program. I am 50 years old. I am currently being sued for an unspecified amount for punitive damages. This case may or may not be dropped. I also have $15,000 in a CD as a result of selling my home 5 months ago. Can Chap. 13 protect my retirement as well as the equity from the sale of my home. I live in California.

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[I AM ALWAYS LIABLE]

<BLOCKQUOTE><font size="1" face=" Arial, Verdana, Helvetica">quote:</font><HR>Originally posted by Carole Lindsey:
I have approximately $150,000 in my 403B and DCP retirement program. I am 50 years old. I am currently being sued for an unspecified amount for punitive damages. This case may or may not be dropped. I also have $15,000 in a CD as a result of selling my home 5 months ago. Can Chap. 13 protect my retirement as well as the equity from the sale of my home. I live in California.

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My response:

This is a real simple answer. No.

IAAL


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Sorry to hear of the problems. Bankruptcy and general law that protects retirement benefits from being seized by creditors may provide you some protection. As far as the house, that is going to depend on the amount of equity.

Get some peace of mind by sitting down and talking with a good local bankruptcy lawyer. You will get some answers as to how you can best get things worked at. It is not likely as hopeless as you may think.

Cathy Moran has some real helpful info on her site on bankruptcy law: [url="http://www.moranlaw.net."]http://www.moranlaw.net.[/url]

You can find a lawyer here at Free Advice or on our site in our [url="http://www.prairielaw.com/findalawyer.asp"]Find a Lawyer Directory[/url]. In an effort to best serve our users we affiliated with lawyers.com, a service of ******dale-Hubbell, a data base of 420,000 lawyers and the definitive guide to American lawyers.

Law on, Kevin

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Kevin O'Keefe
Founder & Fearless Community Leader
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