Major news sources today shared a recent report from the Urban Institute, which makes the bold claim that one in three Americans with a credit file has a debt that is in collections. The article quotes Caroline Ratcliffe, a senior fellow at the Urban Institute: “Most people wouldn’t blink if told that the majority of […]
Posts Tagged: bankruptcy
Supreme Court holds that debtor cannot keep inherited IRA
Clark v Rameker decision by Supreme Court Today, the Supreme Court held in favor of a trustee who argued that a debtor cannot exempt a tax-exempt inherited individual retirement account under a section of the bankruptcy code that allows debtors to exempt “Retirement funds to the extent that those funds are in a fund or […]
Supreme Court to hear Bankruptcy Case on Inherited IRA account
Many people don’t realize that a debtor in bankruptcy can usually keep the money that is in their retirement accounts. This is because in 2005, Congress amended the bankruptcy code and added 11 USC 522(d)(12), which allows debtors to exempt “[r]etirement funds to the extent that those funds are in a fund or account that […]
Bankrupt debtor, postpetition transfer, and hole-in-one?
Annas v. Allard, 272 B.R. 633 This case is a little older, but a great start to this blog. If you are considering bankruptcy, you should consult with an attorney to help you navigate any complex issues that can come up. The Law Office of Jacob High can assist you. We are a law firm […]