An inherited IRA is exempt from the beneficiary's bankruptcy estate, a U.S. Bankruptcy Court in Arizona has ruled. In 2005, the debtor's mother died, leaving a traditional IRA to the debtor and her sister, who were the beneficiaries. The money was transferred into an inherited IRA in the debtor's name as well as that of her mother. When she filed for bankruptcy five years later, the debtor claimed an exemption for the IRA.
The proceeds from a couple's post-petition sale of their homestead must be included in their bankruptcy estate, the 9th Circuit has ruled. In an earlier Chapter 7 bankruptcy filing, the debtors' principal creditor objected to their discharge, alleging that they fraudulently concealed assets, and won a judgment that increased to $1.3 million with interest. The creditor applied for a judicial sale of the debtors' home in state court.
In July 2008, bankruptcy courts across the US prepared themselves for a busy season. As many as 5,664 companies sought to liquidate or restructure that month alone, a 57% increase from the prior year. This Note looks behind the shield of D&O insurance and examines its treatment under the Bankruptcy Code. Part I provides an overview of the duties of directors and officers of a corporation, as well as the protections they receive under the business judgment rule and indemnification contracts. Part II explains the three different "sides" of D&O insurance policies. Part III discusses basic bankruptcy concepts including directors' and officers' duties in bankruptcy, automatic stay, and property of the estate provisions of the Code, as well as the treatment of contracts in bankruptcy....
Chapter 13 debtors could exempt from their bankruptcy estate an individual retirement account inherited from a relative, the 5th Circuit has ruled in affirming judgment. The debtors are a husband and wife. The wife's mother passed away and the wife received her mother's IRA as the named beneficiary. The wife established her own IRA to receive the distributions from her mother's IRA. The wife's IRA was established as an inherited IRA under the Internal Revenue Code.
A debtor's interest in the undistributed income and corpus of a New York spendthrift trust is not property of her bankruptcy estate, the 1st Circuit Bankruptcy Appellate Panel has ruled in reversing judgment. The debtor listed as an asset in her bankruptcy case a spendthrift trust created under her deceased grandfather's will. The trust is governed by New York law and authorizes distributions of net income at least twice a year. Remaining principle is to be distributed in two scheduled installments of approximately $31,000 each, the last distribution occurring in 2015.
This article will address the implications of including an award for personal injury in the bankruptcy estate and the ironies underlying the practice in light of the competing, yet parallel, goals of tort law and bankruptcy law. The concept of a fresh start for an injured debtor in bankruptcy is apparitional absent adequate compensation for a personal injury. When an injured individual is not adequately compensated, he cannot bear the costs of injury and in turn the costs to society increase. Monetary awards in personal injury replace human capital so that society does not need to bear that cost. To the extent that bankruptcy takes this human capital to compensate creditors, uninsured debtors are forced to rely on means other than a personal injury award to pay for medical expenses and ...
A bankruptcy estate did not include a payment of Social Security benefits the debtor received shortly before he filed his petition, the 8th Circuit has ruled. The decision affirms a bankruptcy appellate panel ruling.
A few of the various Chapter 11 bankruptcy cases associated with Oklahoma real estate magnate Lew McGinnis are getting contentious. A committee of creditors for McGinnis' property management company Macco Properties Inc. has asked the court to give them permission to launch an investigation into the company's finances.
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