Warning: qualified plans may not be protected in bankruptcy despite Patterson v. Shumate.(ERISA benefit plans) From: Florida Bar Journal | Date: November 1, 1998| Author: Martin, Ronald T.; Gerson, Mervyn S.; Levine, Marcia E. | COPYRIGHT 1998 Florida Bar. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group.Copyright information

In Patterson v. Shumate, 504 U.S. 753 (1992), reh'g denied, 505 U.S. 1239 (1992), the U. S. Supreme Court decided that funds maintained in certain "ERISA qualified" retirement plans are not "property of the estate" under $541 of the Bankruptcy Code and, therefore, are not available to creditors holding claims against the debtor, beneficial owner of the ERISA plan. Bankruptcy courts construing Shumate have had to come to terms with the Supreme Court's reliance on ERISA qualification...

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