How a Bankruptcy Attorney Can Help Protect Your Retirement
A qualified bankruptcy attorney can help protect your retirement assets including your pension and other retirement investments, but what happens when the employer who owes the pension goes bankrupt?
This is the situation in an ongoing New York Chapter 11 bankruptcy case: In re Patriot Coal Corp, Case No. 12-12900. Peabody Energy Corp. and Arch Coal Inc. are being sued by mine workers who say the companies have an obligation to pay pension and health care benefits that were transferred to Patriot Coal in a 2007 spinoff.
Chapter 11 allows bankrupt companies to cut retiree health care and pensions. In court papers related to its bankruptcy filing, Patriot said its current retiree obligations are untenable. The issue will likely be litigated through an adversary proceeding within the Chapter 11 case.
It is important for individuals filing bankruptcy to claim the right exemptions so that their assets can be protected.
If you have questions, contact a New Jersey Bankruptcy Lawyer today for a Free Consultation.