I have a consult this afternoon with someone who pledged their CALPERS pension in order to receive a lump sum.
The 2 following paragraphs are in the purchase agreement for the cash flow from the pension:
4.2 The obligations created by this Agreement shall be excluded from Pensioner's bankruptcy estate should Pensioner file for bankruptcy during the term of this Agreement, and/or criminal action against Pensioner.
4.3 Pensioner understands that any violation of the representation in this Section 4 will result in the perpetration of fraud, which could result in damages against the Pensioner in favor of Buyer.
QUESTION: Does this amount to an admission under 11 U.S.C. 523(a)(2)? Or is it merely an agreement?
Thank you.
Steve
Law Offices of Steven B. Lever
>
> Steven B. Lever
>( Tel. (562) 436-5456 ext. 1
>( Fax (562) 485-6886
>*
sblever@leverlaw.com
>
www.leverlaw.com
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I have a consult this afternoon with someone who pledged their CALPERS pension in order to receive a lump sum. The 2 following paragraphs are in the purchase agreement for the cash flow from the pension: 4.2 The obligations created by this Agreement shall be excluded from Pensioner’s bankruptcy estate should Pensioner file for bankruptcy during the term of this Agreement, and/or criminal action against Pensioner. 4.3 Pensioner understands that any violation of the representation in this Section 4 will result in the perpetration of fraud, which could result in damages against the Pensioner in favor of Buyer. QUESTION: Does this amount to an admission under 11 U.S.C. 523(a)(2)? Or is it merely an agreement? Steve Law Offices of Steven B. Lever> > Steven B. Lever>( Tel. (562) 436-5456 ext. 1>( Fax (562) 485-6886>*
sblever@leverlaw.com>
www.leverlaw.com> ******************************************************> This Internet e-mail contains confidential information> which is intended only for the addressee and which may> be privileged under applicable law. Do not read, copy> or disseminate it if you are not the addressee. If you> have received this message in error, please notify the> sender immediately and delete it. Thank you.> ******************************************************
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