Q: Can I protect my retirement income?

In a Florida bankruptcy, the answer is a resounding YES!

Social Security is 100% protected in bankruptcy (Fla. Stat. Ann. 222.201 and 11 U.S.C. 522(d)(10)(A)).

Retirement benefits of teachers (Fla. Stat. Ann. 238.15), public employees ((Fla. Stat. Ann. 121.131, 121.055(6)(e)), county and state officers and employees (Fla. Stat. Ann. 122.15), firefighters (Fla. Stat. Ann. 175.241) , and police officers (Fla. Stat. Ann. 185.25) are all 100% protected.

Retirement pension and profit-sharing plans, 401Ks qualified under the Internal Revenue Code are all 100% protected (Fla. Stat. Ann. 222.21(2)).

Pension benefits received within three months of the bankruptcy filing if needed for support) will be protected (Fla. Stat. Ann. 222.21(1).

Annuities and payments and cash value of life insurance policies are 100% protected (Fla. Stat. Ann. 222.14).

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Disclaimer: The Law Offices of Michael E. Zapin is a debt relief agency and we help our clients file for bankruptcy relief. The information on this website is for educational purposes only and should not be construed as legal advice.
Information discussed on this website is focused on bankruptcy in the State of Florida and may vary from state-to-state. Contact a local practitioner in your home state for more information on the differences or contact us for a reliable referral.