Maine Bankruptcy and Debt Relief Blog
IRA/Retirement Exemptions
Posted on 05/23/2005 at 05:40 pm by
Jim Molleur
Viewed 39 times
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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