Would your pension or retirement be effected ,in a civil filing, if you lost or in a chapter 7 bankruptcy?

Would a Pension Income be Factored into a Means Test when an Individual files for Chapter 7 Bankruptcy? An individual’s pension income may be taken into consideration when calculating his/her monthly income when he/she files for bankruptcy. This will affect whether or not the individual falls under the median income level which will further help to determine if a means test is required for an individual to qualify for a Chapter 7 Bankruptcy or not. Hence, the pension income of an individual may be factored into a means test when he/she files for a Chapter 7 Bankruptcy. Would a Person’s Government Pension be considered to Determine the Total Income Available to Fund a Chapter 13 Bankruptcy? A government pension may be considered as a disposable income in a chapter 13 bankruptcy. It may be used to calculate the total income available to fund the chapter 13 bankruptcy. Would an Individual’s Social Security Benefits and VA Disability Pension be Affected in a Bankruptcy? An individual’s social security benefits and VA disability pension may not be affected in a bankruptcy. Social security benefits and VA disability pensions are exempt from collection in a bankruptcy and hence the creditors may not be able to claim them if an individual filed for bankruptcy. Would an Individual’s Military Veteran’s Pension be Affected in a Chapter 7 Bankruptcy? Military veteran pension funds are exempt from bankruptcy in most situations provided they are not funded for at least a year before an individual files for a Chapter 7 Bankruptcy. What happens to an Employee’s Pension if a Company Files for Bankruptcy? In most situations, an individual’s pension would be safe if a company filed for bankruptcy because of the provisions of the Employee Retirement Income Security Act (ERISA). The ERISA states that the pension plans of employees may be sufficiently funded and the pension amount may be kept separately from other asset’s of the company either in a separate account or in a trust so that it does not get affected in case of a bankruptcy proceeding.

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Answers

In 2013, almost 58 million Americans will receive $816 billion in Social Security benefits.

June 2013 Beneficiary Data Retired workers 37 million $47.4 billion $1,269 average monthly benefit dependents 2.9 million $ 1.8 billion   Disabled workers 8.9 million $ 10 billion $1,129 average monthly benefit dependents 2.1 million $ .69 billion   Survivors 6.2 million $ 6.6 billion $1,221 average monthly benefit

Social Security is the major source of income for most of the elderly.

  • Nine out of ten individuals age 65 and older receive Social Security benefits.
  • Social Security benefits represent about 39% of the income of the elderly.
  • Among elderly Social Security beneficiaries, 53% of married couples and 74% of unmarried persons receive 50% or more of their income from Social Security.
  • Among elderly Social Security beneficiaries, 23% of married couples and about 46% of unmarried persons rely on Social Security for 90% or more of their income.

Social Security provides more than just retirement benefits.

  • Retired workers and their dependents account for 70% of total benefits paid.
  • Disabled workers and their dependents account for 19% of total benefits paid.
    • About 91 percent of workers age 21-64 in covered employment in 2011 and their families have protection in the event of a long-term disability.
    • Just over 1 in 4 of today’s 20 year-olds will become disabled before reaching age 67.
    • 69% of the private sector workforce has no long-term disability insurance.
  • Survivors of deceased workers account for about 11% of total benefits paid.
    • About one in eight of today’s 20 year-olds will die before reaching age 67.
    • About 96% of persons aged 20-49 who worked in covered employment in 2011 have survivors insurance protection for their young children and the surviving spouse caring for the children.

An estimated 163 million workers are covered under Social Security.

  • 51% of the workforce has no private pension coverage.
  • 34% of the workforce has no savings set aside specifically for retirement.

In 1940, the life expectancy of a 65-year-old was almost 14 years; today it is more than 20 years.

By 2033, the number of older Americans will increase from 45.1 million today to 77.4 million.

There are currently 2.8 workers for each Social Security beneficiary. By 2033, there will be 2.1 workers for each beneficiary.

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