I have a pension retirement account through a former employer. I am 38 years old. Do I have to wait until I am 55 years of age to withdrawl form this account?

If the pension is still being managed inside your former employer's pension plan, then you'll have to ask them what the rules are - contact your former employer's HR department and ask. But if it has been rolled to an IRA account, then any withdrawals from that account would follow the usual IRA rules - in which case you would have to pay both income tax and a 10% early withdrawal penalty on withdrawals made while under age 59-1/2.

Our company is in bankruptcy and I would like to withdraw my pension however I am only 47 years old. I cannot take a lump sum because of the Maine bankruptcy laws. Can I withdraw monthly amounts and reinvest them tax deferred?