I recieve a Local Government Pension (Ill Health) and have had a Lump Sum payment about 14 mnths ago. It seems likely that I will become bankrupt in the next 6 mnths what effect will this have on my pension and what is left of my Lump Sum?
As far as I am aware, your pension payments should not be affected by the bankruptcy, although the amount you receive would be taken into account in considering whether or not you can afford to make payments to your creditors under an income payment agreement.
The remaining amount of the lump sum could, I think, be claimed as a cash asset, depending on the amount, so it may be wise to consider your options before bankruptcy.
Good Luck
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I recieve a Local Government Pension (Ill Health)
Posted - 06 May 2010 : 17:13:32
