What Public Pensions Are Protected in Illinois?
Pension programs keep many people prepared for the future, often as a reward for life-long work in a public sector job. However, bankruptcy may require a person to give up most of their property or assets. Because these pensions are so important, Illinois’s state bankruptcy exemptions work to protect these pensions from forfeiture.
If you are considering bankruptcy as a way to work through debts that you otherwise have no hope of paying, we may be able to help you recognize and use exemptions that can save you a substantial amount of money. To learn more about our services, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman by calling 815-722-2201 today.
Is My Pension Safe?
In Illinois, the following pensions are protected from bankruptcy through a state exemption:
- Police pensions
- Prison employee pensions
- Firefighter pensions and pensions for survivors of a deceased firefighter
- Civil service and government pensions
- Sanitation district worker pensions
- Pensions for judges
- Park worker pensions
- Teacher pensions, including state university pensions
- Public librarian pensions
- ERISA benefits
These protected pensions are crucial for many people, as they may be the primary source of income once an individual has retired and may be the only means of meeting living expenses or making payments toward existing financial obligations.
If you cannot keep pace with your financial obligations any more, we may be able to help you to hold your creditors at bay through bankruptcy proceedings. For more information, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman at 815-722-2201 today.