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Bankruptcy Exemptions Archives

Are my Social Security benefits exempt from bankruptcy?

Many Ohio residents who plan on filing for bankruptcy don't need to worry about losing their Social Security benefits in the process. Nevertheless, the Social Security Administration does recognize certain exceptions to the bankruptcy exemption rule for benefits. The agency also cooperates with other government entities when deciding whether or not benefits should receive protection.

What Ohio residents need to know about inherited IRAs

The Supreme Court ruled against a 35-year-old woman and her husband who claimed that funds from an inherited IRA should be protected during bankruptcy proceedings. Justice Sotomayor noted in the Court's decision that the purpose of protecting retirement accounts from creditors was to ensure that people had the resources to meet their needs after they stop working. Current laws stipulate that an individual be over age 59 to withdraw funds without penalty.

The weaknesses of the impossibility defense

Residents of Ohio may be interested in a recent article describing an interesting bankruptcy case. The case described the efforts a Georgia man, who was formerly a D.C. police officer, to escape having to pay the amount owed to his trustee after filing a Chapter 7 bankruptcy. The man attempted an impossibility defense. This means that he attempted to prove to the court that he was unable to comply with the order to collect payment, despite his best efforts.

Bankruptcy and debt judgment considerations

When a judgement is pending, an Ohio resident may consider bankruptcy as a way to protect certain assets. Bankruptcy exemptions may allow for those assets to be retained as debts are wiped out. Although property that is not protected may be sold to satisfy some of the debts in the event of a bankruptcy, the limited amounts recovered in such scenarios may prompt a creditor to view a potential bankruptcy as a reason to settle with a debtor in advance of such action.

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