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A Chapter 7 debtor did not forfeit bankruptcy protection for $66,000 held in a Merrill Lynch individual retirement account by granting a lien to the financial institution to cover potential future debts, the 6th U.S. Circuit Court of Appeals has ...

Tagged with: exemption Individual Retirement Account IRA

An IRA that a debtor inherited from her mother was not exempt from creditors’ claims in her bankruptcy case, the 7th U.S. Circuit Court of Appeals has ruled in reversing judgment.

Tagged with: exemption Individual Retirement Account inheritance IRA wills and trusts

A Chapter 7 debtor’s luxury automobile may qualify for California’s so-called “wildcard” or “grubstake” exemption, the 9th U.S. Circuit Court of Appeals has ruled in affirming judgment.

Tagged with: exemption

A state law limiting wage garnishment does not create an exemption for a debtor in bankruptcy, the Utah Supreme Court has ruled in answering a certified question from the 10th Circuit.

Tagged with: consumer protection exemption garnishment

Chapter 7 debtors could not claim an exemption for the entire portion of their federal income tax refund that they attributed their child tax credit, the 6th Circuit has ruled in affirming judgment.

Tagged with: child tax credit exemption taxation

Chapter 7 debtors qualified for a state exemption excluding from their bankruptcy estates certain life insurance policies and annuity contracts, the 9th Circuit has ruled in reversing judgment.

Tagged with: Chapter 7 exemption

The bankruptcy trustee was entitled to the post-petition appreciation in the value of estate assets that surpassed the amount of “wildcard” exemptions claimed by a Chapter 7 debtor, the 3rd Circuit has ruled in affirming judgment.

Tagged with: Chapter 7 exemption

Florida’s “opt-out” statute did not apply to preclude a debtor from claiming federal bankruptcy exemptions after he move out of state, the 5th Circuit has ruled in affirming judgment.

Tagged with: exemption

A U.S. Supreme Court decision that went against a debtor last week may actually prove to be a boon for future consumer debtors.

Tagged with: CHAPTER 13 Chapter 7 exemption NACBA National Association of Consumer Bankruptcy Attorneys

A debtor couldn’t claim the proceeds of her husband’s life insurance policies as exempt property in her bankruptcy case, the 6th Circuit Bankruptcy Appellate Panel has ruled in reversing judgment.

Tagged with: exemption