Ronald Torgerson, at age 46, used the loan proceeds to purchase an annuity from the John Alden Life Insurance Company on April 25, 1994. The annuity matures October 23, 2012. Charlene Torgerson is the beneficiary. The annuity contract allows Ronald Torgerson to surrender the contract but there is a declining penalty if it is surrendered during the first ten years. The Torgersons filed a Chapter 7 petition on June 14, 1994.
Debtors have small retirement accounts with their present employers.
While Debtor Ronald Torgerson had a thirteen year career in the military, he did not disclose any military pension he may receive. Trustee William J. Pfeiffer filed an objection to claimed exemptions on August 22, 1994. Debtors resisted the objection. A hearing was held September 20, 1994. The Court directed Trustee Pfeiffer to amend his pleading to set forth with particularity the objections he had.