Central District Consumer Bankruptcy Attorney's Association

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See also 541(b)(7) - IRAs may not even be property of the estate.
- John D. Faucher
On 8/17/10 11:13 AM, "Holly Roark" wrote:
>
>
>
>
>
> IRAs are exempt under 11 USC sec 522(b)(3)(C), even in CA and all opt out
> states.
>
> Holly Roark
> holly@roarklawoffices.com
>
> On Tue, Aug 17, 2010 at 11:05 AM, shawnswhite wrote:
>>
>> Debtors claim a total exemption of these assets under "CCCP 704.110(b),
>> Gov. Code 21201". The authorities cited, California Code of Civil Procedure
>> 704.110(b) and Government Code
>> 21201, apply only to retirement benefits payable by a public retirement
>> system and appear to be inapplicable to the listed IRA. Debtors put forth no
>> valid exemption for this asset.
>>
>> This would seem to be a no brainer but I am trying to find a case that
>> actually says that 704.110(b) applies to IRAs or some other CA statute that
>> specifically does apply to IRAs in bankruptcy.
>>
>> I found
>> In re Innis (1986) which held that an IRA corpus was not exempt from the
>> property of the estate under CCP 703.140(b)(10)(E)
>>
>> and
>>
>> In re Vigghiany (1987) that held an IRA account corpus was exempt from
>> property of the estate under CCP 704.115 to the extent it was necessary to
>> provide for the support of the judgment debtor upon retirement,
>>
>> both of those cases were decidedly not helpful. I know the Supreme Court held
>> in Rousey v. Jacoway that IRA's are entitled to Federal exemptions but I
>> wasn't sure if that applies in CA since CA opted out of the Federal
>> exemptions.
>>
>> Thank you, Shawn
>>
>
>
>>> - John D. Faucher
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Re: [cdcbaa] Creditor's counsel arguing IRA is not exempt.
See also 541(b)(7) - IRAs may not even be property of the estate.
- John D. Faucher
On 8/17/10 11:13 AM, "Holly Roark" <hollyroark22@gmail.com> wrote:



IRAs are exempt under 11 USC sec 522(b)(3)(C), even in CA and all opt out states.
Holly Roark
holly@roarklawoffices.com
On Tue, Aug 17, 2010 at 11:05 AM, shawnswhite <shawn@cabankrupt.com> wrote:

Debtors claim a total exemption of these assets under "CCCP § 704.110(b), Gov. Code § 21201". The authorities cited, California Code of Civil Procedure § 704.110(b) and Government Code
§ 21201, apply only to retirement benefits payable by a public retirement system and appear to be inapplicable to the listed IRA. Debtors put forth no valid exemption for this asset.
This would seem to be a no brainer but I am trying to find a case that actually says that 704.110(b) applies to IRAs or some other CA statute that specifically does apply to IRAs in bankruptcy.
I found
In re Innis (1986) which held that an IRA corpus was not exempt from the property of the estate under CCP § 703.140(b)(10)(E)
and
In re Vigghiany (1987) that held an IRA account corpus was exempt from property of the estate under CCP § 704.115 to the extent it was necessary to provide for the support of the judgment debtor upon retirement,
both of those cases were decidedly not helpful. I know the Supreme Court held in Rousey v. Jacoway that IRA's are entitled to Federal exemptions but I wasn't sure if that applies in CA since CA opted out of the Federal exemptions.
Thank you, Shawn
- John D. Faucher

The post was migrated from Yahoo.

IRAs are exempt under 11 USC sec 522(b)(3)(C), even in CA and all opt out
states.
Holly Roark
holly@roarklawoffices.com
On Tue, Aug 17, 2010 at 11:05 AM, shawnswhite wrote:
>
>
> Debtors claim a total exemption of these assets under "CCCP 704.110(b),
> Gov. Code 21201". The authorities cited, California Code of Civil
> Procedure 704.110(b) and Government Code
> 21201, apply only to retirement benefits payable by a public retirement
> system and appear to be inapplicable to the listed IRA. Debtors put forth no
> valid exemption for this asset.
>
> This would seem to be a no brainer but I am trying to find a case that
> actually says that 704.110(b) applies to IRAs or some other CA statute that
> specifically does apply to IRAs in bankruptcy.
>
> I found
> In re Innis (1986) which held that an IRA corpus was not exempt from the
> property of the estate under CCP 703.140(b)(10)(E)
>
> and
>
> In re Vigghiany (1987) that held an IRA account corpus was exempt from
> property of the estate under CCP 704.115 to the extent it was necessary to
> provide for the support of the judgment debtor upon retirement,
>
> both of those cases were decidedly not helpful. I know the Supreme Court
> held in Rousey v. Jacoway that IRA's are entitled to Federal exemptions but
> I wasn't sure if that applies in CA since CA opted out of the Federal
> exemptions.
>
> Thank you, Shawn
>
>
>
Holly Roark
holly@roarklawoffices.com
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
IRAs are exempt under 11 USC sec 522(b)(3)(C), even in CA and all opt out states.
Holly Roark
holly@roarklawoffices.com
On Tue, Aug 17, 2010 at 11:05 AM, shawnswhite <shawn@cabankrupt.com> wrote:
Debtors claim a total exemption of these assets under "CCCP 704.110(b), Gov. Code 21201". The authorities cited, California Code of Civil Procedure 704.110(b) and Government Code 21201, apply only to retirement benefits payable by a public retirement system and appear to be inapplicable to the listed IRA. Debtors put forth no valid exemption for this asset.
This would seem to be a no brainer but I am trying to find a case that actually says that 704.110(b) applies to IRAs or some other CA statute that specifically does apply to IRAs in bankruptcy.I found In re Innis (1986) which held that an IRA corpus was not exempt from the property of the estate under CCP 703.140(b)(10)(E)
andIn re Vigghiany (1987) that held an IRA account corpus was exempt from property of the estate under CCP 704.115 to the extent it was necessary to provide for the support of the judgment debtor upon retirement,
both of those cases were decidedly not helpful. I know the Supreme Court held in Rousey v. Jacoway that IRA's are entitled to Federal exemptions but I wasn't sure if that applies in CA since CA opted out of the Federal exemptions.
Thank you, Shawn
-- Holly Roarkholly@roarklawoffices.comwww.roarklawoffices.com
Central District of CaliforniaConsumer Bankruptcy Attorney

The post was migrated from Yahoo.

Debtors claim a total exemption of these assets under "CCCP 704.110(b), Gov. Code 21201". The authorities cited, California Code of Civil Procedure 704.110(b) and Government Code
system and appear to be inapplicable to the listed IRA. Debtors put forth no valid exemption for this asset.
This would seem to be a no brainer but I am trying to find a case that actually says that 704.110(b) applies to IRAs or some other CA statute that specifically does apply to IRAs in bankruptcy.
I found
In re Innis (1986) which held that an IRA corpus was not exempt from the property of the estate under CCP 703.140(b)(10)(E)
and
In re Vigghiany (1987) that held an IRA account corpus was exempt from property of the estate under CCP 704.115 to the extent it was necessary to provide for the support of the judgment debtor upon retirement,
both of those cases were decidedly not helpful. I know the Supreme Court held in Rousey v. Jacoway that IRA's are entitled to Federal exemptions but I wasn't sure if that applies in CA since CA opted out of the Federal exemptions.
Thank you, Shawn

The post was migrated from Yahoo.