I'm new to forum and I have one question. Is Military retirement pay exempt when filing chapter 7?
top Ad Widget
Collapse
Announcement
Collapse
No announcement yet.
Military retirement pay
Collapse
X
-
Your military pension should be exempt from garnishment by a private company if such garnishment is not related to child or spousal support. This protection extends to your bank account. Like SS, the account will need to be a segregated account where nothing but Federal retirement payments (or other protected Federal funds) are deposited. Funds need to be clearly traceable to the source of payment. Discuss this with an attorney.
See 38 U.S.C. 5301
Des.
-
Thanks despritfreya for clarifying how to avoid the "commingling" issue with income that is "not income" for purposes of bankruptcy means testing.Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
Comment
-
Originally posted by justbroke View PostThanks despritfreya for clarifying how to avoid the "commingling" issue with income that is "not income" for purposes of bankruptcy means testing.
Des.
Comment
-
Originally posted by despritfreya View PostMaybe I misread OP's post. I thought he wanted to know if a trustee could get at the money. If he was asking if the retirement pay is part of means testing, I think it is. I think the Haven Act only keeps VA disability benefits out of the means testing process. I would have to review the Act which I cannot do right now. Either way, OP needs to discuss with an attorney to make sure..
It's possible I misread it as the "income" question and not the "exemption" question.
Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
Comment
-
Originally posted by Jjr3 View PostMaybe I phrased my initial question wrong. I was asking if anyone knows if military retirement pay is exempt from garnishment under chapter 7 in the state of AZ. As AZ does not go by federal bankruptcy law.
Des.
Comment
bottom Ad Widget
Collapse
Comment