What to do if we filed bankruptcy about 4 months ago but we found out yesterday that my husband has a vested pension he did not know about?

Get Legal Help Today

 Secured with SHA-256 Encryption

What to do if we filed bankruptcy about 4 months ago but we found out yesterday that my husband has a vested pension he did not know about?

It is from a job he was at over fifteen years ago and it is about $30,000. What do we do? Can they take the money? I have an attorney but he is rude and will not answer my questions. We don’t know what to do? Our bankruptcy hearing is next week.

Asked on January 15, 2013 under Bankruptcy Law, Texas

Answers:

B.H.F., Member, Texas State Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

Most qualified pension plans are protected from attachment or garnishment, even in bankruptcy.  Here is a link to a DOL site that address what is a qualified plan and its affect in bankruptcy (down toward the end):  http://www.dol.gov/ebsa/faqs/faq_consumer_pension.html    .  Even though they should not be able to take it, you should still disclose its existence in good faith at your hearing.  You do not want the bankruptcy judge or trustee to think that you are hiding assets.  You may need to amend some of the documents filed with the court-- even though it won't have an effect on the eventual outcome.

As a side note, your attorney by law is required to keep you updated on your case.  Your question is important and related to the success of your bankruptcy.  Just because you started with this attorney, you are not required to keep him if you are not comfortable.  There are many good bankruptcy attorneys that treat their people with respect.  So you may want to consider a new attorney.  If the issues continue, you may need to file a complaint with the state bar.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption