IRA/Retirement Exemptions

Bankruptcy Article #17

Rousey v. Jacoway, U.S. Supreme Court.
Decision dated April 4, 2005

The Supreme Court determined that in individual’s IRA was exempt under federal exemption laws when that individual files bankruptcy. Before this decision, most courts had concluded that IRAs were available to bankruptcy trustees and the proceeds to those accounts distributed to creditors. This decision represents a major victory for individuals filing bankruptcy, and will help protect that very important asset for retirement.

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