A HIGH COURT JUDGE has ruled that bankruptcy trustee should be allowed to draw from a debtor's pension pots to repay creditors if they are of the
If you are of age to beable to draw a pension but have not yet reached State retirement age, and have a private pension, Creditors can now get their
hands on your retirement funds during your bankruptcy.......
I'm speechless, so you've probably been pushed into banckruptcy due to health issues, likely to have had your home foreclosed and now they can take
your pension ..way to go High Court !
I'm sure we'd like to give A big thanks to : B Livesey QC for this great ruling
I don't think this is such a bad thing. These people have this money available to them but choose not to draw it, yet they claim they don't have the
money to pay their debts. If they are entltled to a regular monthly payment than they should be required to take it and that amount included in income
when calculating their bankruptcy payment plan.
This ruling does not mean that creditors can simply take money out of the plan as some are probably thinking. It simply forces the debtors to include
the available annuity payment in the calculations of their income. The debtors will still have the option of finding alternate funds to make their
Not many US citizens realize they are being enslaved by debt. Credit cards, mortgages, car loans, student loans have become a burden that keeps
most(even upper middle class) people in debt for life. Now the debt collectors have been able to lobby so they can go after your pension too. This is
just another law that makes a revolution in the US inevitable.
We should get rid of this sense of entitlement and pensions all together. If you start making people more responsible for themselves the less likely
they will be effected by others. But personal responsibility is a tough pill to swallow when you feel entitled.
This content community relies on user-generated content from our member contributors. The opinions of our members are not those of site ownership who maintains strict editorial agnosticism and simply provides a collaborative venue for free expression.