Protecting Nest Eggs and Other Retirement Benefits in Bankruptcy

90 Am. Bankr. L.J. 235 (2016)

32 Pages Posted: 7 Jul 2016

See all articles by Tara Twomey

Tara Twomey

National Consumer Law Center; National Consumer Bankruptcy Rights Center

Todd F. Maynes

Kirkland & Ellis

Date Written: November 1, 2015

Abstract

For debtors facing financial distress in the twilight of their working years or beyond, bankruptcy’s promised fresh start may depend more on preserving retirement assets and benefits than returning to economic productivity. Even for those in the prime of their working years, losing retirement assets can represent a major lifelong setback. As a result, the question of whether consumer debtors can keep all or part of their retirement assets and benefits is a critical consideration. This paper surveys the intersection between the Bankruptcy Code and the preservation of retirement assets and benefits before and after the 2005 amendments to the Code. It highlights the changes that broadened protection for such assets, and it considers questions that still remain unanswered ten years after BAPCPA’s enactment.

Keywords: retirement, bankruptcy

Suggested Citation

Twomey, Tara and Maynes, Todd F., Protecting Nest Eggs and Other Retirement Benefits in Bankruptcy (November 1, 2015). 90 Am. Bankr. L.J. 235 (2016). Available at SSRN: https://ssrn.com/abstract=2805528

Tara Twomey (Contact Author)

National Consumer Law Center ( email )

7 Winthrop Square
Boston, MA 02110
United States

National Consumer Bankruptcy Rights Center ( email )

1501 The Alameda
San Jose, CA 95126
United States

Todd F. Maynes

Kirkland & Ellis ( email )

Aon Center
200 East Randolph Drive
Chicago, IL 60601-6636
United States

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