Treatment of retirement funds clarified
Article Abstract:
The US Supreme Court's decision on Jun 15, 1992, in Patterson v Shumate, clarifies the status of interest in a corporate retirement plan for individuals filing for bankruptcy. The court held that ERISA's anti-alienation provisions shielding pension benefits applied and that pension interests were excludable from the estate under Bankruptcy Code Section 541(c)(2). The treatment of pension plans, such as IRAs that ERISA does not apply to, still remains open after Patterson.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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Bankruptcy proposal is bad medicine
Article Abstract:
Proposed bankruptcy reform legislation S. 1985 is an attempt to stiffen enforcement of debtor fraud and abuse, but fails to address the unwise practices by lenders and other creditors. The law's main shortcoming is the way it shifts responsibility for bankruptcy reform to the debtor. Beneficial aspects of the bill include a higher level of protection for debtor property and disclosure notification requirements.
Publication Name: The National Law Journal
Subject: Law
ISSN: 0162-7325
Year: 1992
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