Federal Statutory Exemptions & Private Pension Exemptions

Home
Mission
Chapter 7 FAQ
Chapter 13 FAQ
Worksheet
Glossary
Bankruptcy Code
I. Federal Statutory Exemptions
  A. Civil Service Retirement System (CSRS)
    1. 5 U.S.C. §8346(a)
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
  B. Federal Employees Retirement System (FERS)
    1. 5 U.S.C. §8470(a)
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
  C. Thrift Savings Plan (TSP)
    1. 5 U.S.C. §8437(e)(2)
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
  D. Social Security
    1. 42 U.S.C. §407(a)
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
  E. Railroad Retirement
    1. 45 U.S.C. §231m(a)
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
  F. Railroad Unemployment
    1. 45 U.S.C. §352(e)
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
  G. Veterans Benefits
    1. 38 U.S.C. §5301(a)
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
  H. Seaman/Fisherman
    1. 46 U.S.C. §11109(a) — Seaman
    2. 46 U.S.C. §11109(c) — makes §11109(a) applicable to persons employed on a fishing or fish processing vessel
    3. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
  I. Longshoreman/Harbor Workers Workers' Compensation
    1. 33 U.S.C. §916
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
  J. War Hazards Compensation
    1. 42 U.S.C. §1717
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
II. Private Pensions
  A. Patterson v. Shumate, 112 S.Ct. 2242 (1992) — ERISA qulified plans are excluded from the Bankruptcy Estate
    1. 11 U.S.C. §541(c)(2)
    2. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicalbe on the date of the petition
  B. 513.430(10)(e)
    a. If contains anti-alienation language (456.072 RsMO) and if used for current support
    b. If not used for current support, technically should be claimed under Patterson, or 456.072 RsMO, or 11 U.S.C. §522(b)(2)(A)
  C. 513.430(10)(f)
    1. 401(k)
    2. 403(a)(3) — Employee Annuities for self-employed individuals
    3. 403(b) — Employee Annuities Purchased by 501(c)(3) organzations or Public Schools
a. 501(c)(3) — Corporation organized exclusively for religious, charitable, scientific, education...purposes
    4. 408 — Individual Retirement Accounts (IRA)
    5. 409 — Employee Stock Ownership Plans (ESOP)
III. State/Local Pensions Programs
  A. We will need to look at the citation provided to see if it exempts the particular retirement plan. if it idoes, then can use that specific citation or
1. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition
IV. Workers' Compenstion
    A. 287.260 RsMO
    B. 11 U.S.C. §522(b)(2)(A) — allows exemption of any property which was exempt under any Federal law or state/local law which is applicable on the date of the petition

Copyright © 1999, 2000 Debt Relief Center