Union pension

July 9th, 2011 by Questions

I’m 60 years old and I have a union pension…if I declare bankrupcy the goverment will gardnish my union pension?

Posted from: Ontario

Questions

One Response to “Union pension”



July 09, 2011 at 6:32 am, A licensed trustee said:

It is not clear to me whether you are receiving the pension now and are worried it will be garnisheed, or if you have a pension fo rthe futre that you are afraid may be seized. So…

Pension income cannot be garnisheed. If you file for banruptcy your pension income will be included in the calculatioin of your total icome and may affect your payment, but no one can take it directly from you.

Pension funds cannot be seized either. So no one, not even the government, can take them from you.

Make sure you discuss your pensions with your trustee BEFORE you file so you can make certain they are safe.

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