Want this question answered?
no gehegle
I don't really understand your term "frozen pension." Was it not exempt from the bankruptcy proceedings? Or was it held until a ruling was made and then released when the bankruptcy was discharged?
Federal or private...NO
Up to the judge
Uneffected.
Robin Jeweler has written: 'Recent developments in bankruptcy law' -- subject(s): Bankruptcy 'Employee pension benefits in bankruptcy' -- subject(s): Law and legislation, Pensions, Bankruptcy
No, discharged debt is considered a forgiveness of debt and not a bankruptcy. Bankruptcy can only happen as a result of bankruptcy court procedure. Certain loans can be discharged due to hardship or disability, especially if there is an insurance policy in force to cover such a situation. When a loan is forgiven due to hardship or disability, the debtor's credit rating is usually not affected.
While registered pension plans [RPPs] are exempt from seizure in bankruptcy situations, most Registered Retirement Savings Plans [RRSPs] are not.
In virtually every case pensions are not lost in a bankruptcy even if you go into a banrkruptcy with a pension or a 401K or an IRA. There was a US Supreme Court case from 1992 I believe (Patterson v. Shumate) that basically said that pensions funds are not part of the bankruptcy estate and therefore not subject to the trustee taking them to pay your debts.
Am I due a pension from Revco D S after almost 20 yrs service
The former Smurfit-Stone pension plan is now managed by the Pension Benefit Guaranty Corporation (PBGC) if the company entered bankruptcy. You can contact PBGC through their website or by phone to inquire about the plan and benefits.
Gee, I sure hope not!