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 ruled in reversing judgment.
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.
Published: March 8, 2013
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.
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.
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.
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.
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.
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.