Tag Archive: Exemptions

Inherited IRAs not exempt, U.S. Supreme Court says

The U.S. Supreme Court recently made an important decision regarding Individual Retirement Accounts (IRAs) that have been inherited by someone who then files for bankruptcy.
At issue was an IRA account that the bankruptcy filer had inherited and that contained $300,000. ¬†Bankruptcy law allows those filing for bankruptcy to keep IRA accounts, so long as those […]

How to keep an income tax refund in your Chapter 7 bankruptcy

Can you keep your tax refund if you file a Chapter 7 case? It’s mostly a matter of timing.

Could you sue? List it in your bankruptcy papers.

You should always list potential claims, or potential lawsuits, that you have against someone else along with all of your other assets, because the law considers them to be assets and if you don’t list them, you could lose them forever.

Will I be able to keep anything when I file for bankruptcy?

Can you keep your property through a Chapter 7 bankruptcy? The short answer to this question is: Maybe. It depends on your situation.
This is what something called “exemptions” are for. The way I explain it to clients is this: When you file for bankruptcy, something called the “bankruptcy estate” is […]

Will they take my property after I file bankruptcy?

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One reason people find themselves in the position of wanting to transfer their assets before filing for bankruptcy is that they are afraid the bankruptcy trustee will take their stuff after they file. But you might not need to worry about that, especially in New Jersey.
Why not? Because you might be able to […]

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Call 201-676-0722 for a free consultation with bankruptcy lawyer Jennifer Weil.