Legal Question in Bankruptcy in New York

Tax Deferred Annuity and Bankruptcy

I am 60 years old who will be retiring from the NYC Board of Education within a year. I will be receiving a pension from New York State. I owe $175,000's to credit card companies. I have $90,000's in a Tax Deferred Annuity. The monies were taken from my pay checks over the years. Can a bankruptcy judge force me to withdraw these funds to pay this debt? Is it better to wait to file bankruptcy when I retire or while I'm working? Can I be forced to give up my car?


Asked on 10/07/08, 3:41 am

1 Answer from Attorneys
Richard Feinsilver Richard S. Feinsilver, Esq.

Re: Tax Deferred Annuity and Bankruptcy

Thank you for your inquiry

The issue regarding the annuity is whether or not it is in an ERISA qualified instrument. If it is, the timing of the bankruptcy may not matter. If it is not, there may be issue.

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Answered on 10/07/08, 6:29 am


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