Recent Updates
April 28, 2010
State Must Prove Defendant's Knowledge of Driver's License Suspension
April 13, 2010
Sentencing Commission Votes to Eliminate Recent Criminal History Points
October 15, 2009
Consent to search inside of vehicle does not extend to locked containers
October 14, 2009
Making phone calls to get drugs for personal use not a felony
October 07, 2009
Duval County schools agree to reduce number of students getting arrested
Retirement Accounts and Bankruptcy
November 09, 2008
Topic: Bankruptcy
In Rousey v. Jacoway, (April 4th, 2005), the Court held that assets in Individual Retirement Accounts (IRA's) are protected under 11 U.S.C § 522(d) and thus exempt from withdrawal from the bankruptcy estate. This is important because the majority of Americans hold their retirement savings in 401(k)s, IRA, in lieu of pension funds.
The Bankruptcy Prevention and Consumer Protection Act passed in 2005 drastically changed the face of bankruptcies, particularly for those trying to file a Chapter 7. However, the Court's decisions in Rousey has remained good law. Therefore, a person who is thinking about bankruptcy does not need to exhaust their retirement, social security, or other exempt accounts prior to being eligible for a discharge of debt to non-secured debtors.
Please call as at the Arnold Law Firm to discuss your financial situation to see if bankruptcy is in your best interest.
