greetings + question
Posted: Thu Dec 10, 2009 8:33 am
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Sam:
Welcome to the group. Without going through the mental gymnastics of
technical analysis, put your mind at ease. Pension plans are either not
property of the estate or exempt. The only caveat is if the amount held for
the benefit of your client exceeds, I believe the current amount, is $1
million. The simple solution is to list the plan interest (as required) on
Schedule B and include the phrase "for informational purposes only" in the
description. Then also assert an exemption for the full amount in the plan.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
sklawfirm23
Sent: Wednesday, December 09, 2009 4:12 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] greetings + question
Hello Listmates,
My name is Sam Kim and I am a relatively new attorney practicing bankruptcy.
I was referred by Keith Higginbotham regarding an issue I was currently
facing. Any input that you could share would be greatly appreciated.
I have a client who is currently planing to file a 7, but I have some
concerns regarding how a Calpers pension plan would be treated.
The client maintains an interest in a pension plan from her ex-spouse, which
I have not yet determined the specific amount. My understanding of
bankruptcy leads me to believe that ERISA qualified pension plans are exempt
from the bankruptcy estate. However, the pension plan in question (Calpers)
is not ERISA qualified, rather it is governed by the California Public
Employees' Retirement Law ("PERL"), which can be found at section 20000, et
seq., of the California Government Code.
Thus, I am having a little difficulty determining how this pension plan
would be treated in a chapter 7. Any insight or input on this matter would
be greatly appreciated. I apologize for such a long first email.
Sincerely,
Sam Kim
The Law Offices of Sam Kim
samkim@sklawfirm. com
714.623.4016
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Message
Sam:
Welcome to the group.
Without going through the mental gymnastics of technical analysis, put your mind
at ease. Pension plans are either not property of the estate or
exempt. The only caveat is if the amount held for the benefit of yourclient exceeds, I believe the current amount, is $1 million. The simple
solution is to list the plan interest (as required) on Schedule B and include
the phrase "for informational purposes only" in the description. Then also
assert an exemption for the full amount in the plan.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.