Central District Consumer Bankruptcy Attorney's Association

Ray,
Several years ago, in the old bankruptcy study group, Jane Dubovy
brought in an accountant or other financial expert who Jane had used
in an IRA exemption case. I have all or some of the materials from
that presentation and would be happy to share them. The analysis is
of all the needs of the debtor and dependents over the long-term,
including retirement and post-retirement needs.
Call me or email me if you would like the materials.
Mike Candiotti (818) 345-5120
wrote:
> Ray,
>
> There was a recent case that dealt with the IRA exemption. Take a
> look at that case (sorry, cannot remember the name, but someone
> will). Generally, Judge Lax (now Judge Thompson ... she is
> returning to her maiden name) will consider all evidence of need
and
> circumstances. The more you provide her to show that your clients
> are on the downstroke of their ability to accumulate retirement,
the
> better you will be. Also, you may want to consider converting to
a
> Chapter 13 (although the Trustee's fees will be an administrative
> expense). You will need to go through the same analysis, but not
> pay out the IRA, thereby avoiding the tax consequences that would
> only reduce the amount paid to unsecured creditors. But what
Judge
> Thompson finds to be nonexempt (less the tax consequences) will
need
> to be paid through disposable income.
>
> Good luck and best regards. Lou Esbin
>
>
>
> --- In cdcbaa@yahoogroups.com, "Raymond H. Aver" wrote:
> > I represent chapter 7 debtors, husband and wife, who are in
their
> early to
> > mid-40s with a teenage daughter. They have $90,000 in five
IRAs.
> The
> > trustee wants the funds paid over. Do any of you have an
> experience as to
> > what the judges, Judge Lax in particular, believes
is "reasonably
> necessary
> > for the support of the debtor and any dependent of the debtor"?
> >
> >
> >
> > Thanks!!
> >
> >
> >
> > Ray
> >
> >
> >
> > Raymond H. Aver, Esquire
> >
> > Law Offices of Raymond H. Aver
> >
> > A Professional Corporation
> >
> > 12424 Wilshire Boulevard, Suite 750
> >
> > Los Angeles, California 90025
> >
> > (310) 571-3511 - Telephone
> >
> > (310) 571-3512 - Facsimile
> >
> > ray@a...

The post was migrated from Yahoo.

RICHARD GERALD ROUSEY, ET UX., PETITIONERS v. JILL R. JACOWAY
No. 03-1407
SUPREME COURT OF THE UNITED STATES
125 S. Ct. 1561; 161 L. Ed. 2d 563; 2005 U.S. LEXIS 2933; 73 U.S.L.W.
4277; 2005-1 U.S. Tax Cas. (CCH) P50,258; 34 Employee Benefits Cas.
(BNA) 1929; Bankr. L. Rep. (CCH) P80,263; 44 Bankr. Ct. Dec. 144; 18
Fla. L. Weekly Fed. S 223
December 1, 2004, Argued
April 4, 2005, Decided
wrote:
> Ray,
>
> There was a recent case that dealt with the IRA exemption. Take a
> look at that case (sorry, cannot remember the name, but someone
> will). Generally, Judge Lax (now Judge Thompson ... she is
> returning to her maiden name) will consider all evidence of need and
> circumstances. The more you provide her to show that your clients
> are on the downstroke of their ability to accumulate retirement, the
> better you will be. Also, you may want to consider converting to a
> Chapter 13 (although the Trustee's fees will be an administrative
> expense). You will need to go through the same analysis, but not
> pay out the IRA, thereby avoiding the tax consequences that would
> only reduce the amount paid to unsecured creditors. But what Judge
> Thompson finds to be nonexempt (less the tax consequences) will need
> to be paid through disposable income.
>
> Good luck and best regards. Lou Esbin
>
>
>
> --- In cdcbaa@yahoogroups.com, "Raymond H. Aver" wrote:
> > I represent chapter 7 debtors, husband and wife, who are in their
> early to
> > mid-40s with a teenage daughter. They have $90,000 in five IRAs.
> The
> > trustee wants the funds paid over. Do any of you have an
> experience as to
> > what the judges, Judge Lax in particular, believes is "reasonably
> necessary
> > for the support of the debtor and any dependent of the debtor"?
> >
> >
> >
> > Thanks!!
> >
> >
> >
> > Ray
> >
> >
> >
> > Raymond H. Aver, Esquire
> >
> > Law Offices of Raymond H. Aver
> >
> > A Professional Corporation
> >
> > 12424 Wilshire Boulevard, Suite 750
> >
> > Los Angeles, California 90025
> >
> > (310) 571-3511 - Telephone
> >
> > (310) 571-3512 - Facsimile
> >
> > ray@a...

The post was migrated from Yahoo.

i thought the supreme court recently ruled ira's are bullet proof?
vicki
"Law Offices of Louis J. Esbin" wrote:
Ray,
There was a recent case that dealt with the IRA exemption. Take a
look at that case (sorry, cannot remember the name, but someone
will). Generally, Judge Lax (now Judge Thompson ... she is
returning to her maiden name) will consider all evidence of need and
circumstances. The more you provide her to show that your clients
are on the downstroke of their ability to accumulate retirement, the
better you will be. Also, you may want to consider converting to a
Chapter 13 (although the Trustee's fees will be an administrative
expense). You will need to go through the same analysis, but not
pay out the IRA, thereby avoiding the tax consequences that would
only reduce the amount paid to unsecured creditors. But what Judge
Thompson finds to be nonexempt (less the tax consequences) will need
to be paid through disposable income.
Good luck and best regards. Lou Esbin
> I represent chapter 7 debtors, husband and wife, who are in their
early to
> mid-40s with a teenage daughter. They have $90,000 in five IRAs.
The
> trustee wants the funds paid over. Do any of you have an
experience as to
> what the judges, Judge Lax in particular, believes is "reasonably
necessary
> for the support of the debtor and any dependent of the debtor"?
>
>
>
> Thanks!!
>
>
>
> Ray
>
>
>
> Raymond H. Aver, Esquire
>
> Law Offices of Raymond H. Aver
>
> A Professional Corporation
>
> 12424 Wilshire Boulevard, Suite 750
>
> Los Angeles, California 90025
>
> (310) 571-3511 - Telephone
>
> (310) 571-3512 - Facsimile
>
> ray@a...
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i thought the supreme court recently ruled ira's are bullet proof?
vicki"Law Offices of Louis J. Esbin" <Esbinlaw@sbcglobal.net> wrote:
Ray,There was a recent case that dealt with the IRA exemption. Take a look at that case (sorry, cannot remember the name, but someone will). Generally, Judge Lax (now Judge Thompson ... she is returning to her maiden name) will consider all evidence of need and circumstances. The more you provide her to show that your clients are on the downstroke of their ability to accumulate retirement, the better you will be. Also, you may want to consider converting to a Chapter 13 (although the Trustee's fees will be an administrative expense). You will need to go through the same analysis, but not pay out the IRA, thereby avoiding the tax consequences that would only reduce the amount paid to unsecured creditors. But what Judge Thompson finds to be nonexempt (less the tax consequences) will need to
be paid through disposable income.Good luck and best regards. Lou Esbin--- In cdcbaa@yahoogroups.com, "Raymond H. Aver" <ray@a...> wrote:> I represent chapter 7 debtors, husband and wife, who are in their early to> mid-40s with a teenage daughter. They have $90,000 in five IRAs. The> trustee wants the funds paid over. Do any of you have an experience as to> what the judges, Judge Lax in particular, believes is "reasonably necessary> for the support of the debtor and any dependent of the debtor"?> > > > Thanks!!> > > > Ray> > > > Raymond H. Aver, Esquire> > Law Offices of Raymond H. Aver> > A Professional Corporation> > 12424 Wilshire Boulevard, Suite 750> > Los Angeles, California 90025> > (310) 571-3511
- Telephone> > (310) 571-3512 - Facsimile> > ray@a...

The post was migrated from Yahoo.

Ray,
There was a recent case that dealt with the IRA exemption. Take a
look at that case (sorry, cannot remember the name, but someone
will). Generally, Judge Lax (now Judge Thompson ... she is
returning to her maiden name) will consider all evidence of need and
circumstances. The more you provide her to show that your clients
are on the downstroke of their ability to accumulate retirement, the
better you will be. Also, you may want to consider converting to a
Chapter 13 (although the Trustee's fees will be an administrative
expense). You will need to go through the same analysis, but not
pay out the IRA, thereby avoiding the tax consequences that would
only reduce the amount paid to unsecured creditors. But what Judge
Thompson finds to be nonexempt (less the tax consequences) will need
to be paid through disposable income.
Good luck and best regards. Lou Esbin
> I represent chapter 7 debtors, husband and wife, who are in their
early to
> mid-40s with a teenage daughter. They have $90,000 in five IRAs.
The
> trustee wants the funds paid over. Do any of you have an
experience as to
> what the judges, Judge Lax in particular, believes is "reasonably
necessary
> for the support of the debtor and any dependent of the debtor"?
>
>
>
> Thanks!!
>
>
>
> Ray
>
>
>
> Raymond H. Aver, Esquire
>
> Law Offices of Raymond H. Aver
>
> A Professional Corporation
>
> 12424 Wilshire Boulevard, Suite 750
>
> Los Angeles, California 90025
>
> (310) 571-3511 - Telephone
>
> (310) 571-3512 - Facsimile
>
> ray@a...

The post was migrated from Yahoo.

I represent chapter 7 debtors, husband and wife, who are in their early to
mid-40s with a teenage daughter. They have $90,000 in five IRAs. The
trustee wants the funds paid over. Do any of you have an experience as to
what the judges, Judge Lax in particular, believes is "reasonably necessary
for the support of the debtor and any dependent of the debtor"?
Thanks!!
Ray
Raymond H. Aver, Esquire
Law Offices of Raymond H. Aver
A Professional Corporation
12424 Wilshire Boulevard, Suite 750
Los Angeles, California 90025
(310) 571-3511 - Telephone
(310) 571-3512 - Facsimile
ray@averlaw.com

The post was migrated from Yahoo.