Supreme Court Ruling: Inherited IRA Accounts Not Protected
The United States Supreme Court has ruled that inherited Individual Retirement Accounts (IRAs) are not protected under federal exemption laws. Clark v. Ramekers, 573 U.S. ____ (2014). Even though inherited IRAs are exempt under federal income tax laws, the court said they are not really “retirement funds” under Section 522(b)(3)(C) of the Bankruptcy
Court Limits Right to Avoid Auto Liens
Across the State of Nebraska, you could have heard a collective groan of debtor attorneys as the Nebraska Bankruptcy Court issued a new ruling limiting the ability of debtors to avoid liens in motor vehicles. In the case of In re Cardwell, the Court ruled that a debtor may not utilize the “Tool of
Court Protects Vehicle of Unemployed Debtor
The Nebraska Bankruptcy Court has issued a new opinion extending greater protection to vehicles owned by unemployed debtors. In the case of Angelita Quintero decided on August 22, 2012, the Court expanded the “Tool of the Trade” exemption provided under Neb. Rev. Stat 25-1556(4) which allows up to $2,400 of protection for a vehicle used
How to Stop a Bank Account Garnishment
In every state there exists a list of property that is protected from creditor garnishments and property seizures. We call these laws Exemptions. In theory, these laws are designed to prevent creditors from taking away everything a person owns, but in practice few debtors know how to assert their exemption rights and they often
Are Tax Refunds Protected in Bankruptcy?
It’s tax season again, and in the bankruptcy world that means only one thing–people are loosing their tax refunds to Chapter 7 Trustees again. The sad part is that this should almost never happen. This is the result of sloppy legal work. Yet, year after year I witness helpless debtors lose their tax refunds because
Will I lose my home if I file bankruptcy in Nebraska?
Clients always tell me that they need to file bankruptcy but they don’t want to lose their home or car. Lots of people think that they lose all the property if they file bankruptcy as a penalty for being in debt.
Over the past 18 years I’ve seen many foreclosure cycles, but nothing like the