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Income from IRAs in 6 months prior to filing a Chapte=
charset="windows-1251"
Please remember that it is not an income test, it is a gross receipts test.
I keep going back to what the USTE's office told cdcbaa members years ago:
EVERYTHING gets included unless it is loan proceeds or Social Security
receipts.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Nicholas Gebelt
Sent: Tuesday, April 05, 2011 4:08 PM
To: cdcbaa@yahoogroups.com
Cc: Nicholas Gebelt
Subject: [cdcbaa] RE: Income from IRAs in 6 months prior to filing a Chapter
13
Dear Steve,
Leaving aside the rhetorical and political fraud at the core of social
security, there is a clear parallel: During the days of employment the
Debtor contributed to social security and to his IRA. Both eventually pay
out retirement distributions based on the amount that was contributed during
the days of employment. However, 11 U.S.C. 101(10A)(B) does not exclude
IRA distributions from current monthly income, but it does exclude social
security. If Congress knows what it is doing when drafting statutory
language admittedly, a big assumption it must have purposely left IRA
distributions out of the 101(10A)(B) exclusions from income. Therefore, I
dont see how you are going to exclude the IRA distribution income from
either Form 22C or from plan payments.
You could, of course, use 101(10A)(B) to exclude the social security
income from inclusion in plan payments. During an informal chat, Judge Jury
told me that she felt this was a sound argument. When I told this to Rod
Danielson, accepted it as legitimate in one of my Riverside Chapter 13s, so
the Debtors did not have to devote any of their social security income to
plan payments.
I hope this helps.
Nick
Nicholas Gebelt, Ph.D., J.D.
Law Offices of Nicholas Gebelt
15150 Hornell Street
Whittier, CA 90604
Phone: 562.777.9159
FAX: 562.946.1365
Email: ngebelt@goodbye2debt.com
Web: www.goodbye2debt.com
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