[JURIST] The US Supreme Court [official website] ruled [opinion, PDF] unanimously Thursday in Clark v. Rameker [SCOTUSblog backgrounder] that funds held in inherited individual retirement accounts (IRAs) are not "retirement funds" for bankruptcy purposes. Section 522 of the Bankruptcy Code [text] exempts tax-exempt retirement funds from the bankruptcy estate. In October 2010 the Clarks filed voluntary joint bankruptcy and claimed an inherited IRA under the Section 522 exemption, to which the bankruptcy trustee and creditors objected. The district court ruled…
Supreme Court rules on retirement funds in bankruptcy case
16 Jun This entry was published on June 16, 2014 at 10:00 am and is filed under Uncategorized.