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Exemptions Bankruptcy Code

Miller Canfield

Michigan Bankruptcy Exemptions Set to Rise Significantly on March 1

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As we reported last year, every three years on April 1, the dollar amounts in the Bankruptcy Code are adjusted to account for inflation. The federal dollar amounts last were increased on April 1, 2022, and are not slated for...more

White and Williams LLP

Pennsylvania Superior Court: No Creditor Protection for Inherited IRAS

Under longstanding Pennsylvania law, retirement savings vehicles like individual retirement accounts (IRAs), 401(k) and 403(b) accounts, pensions, and employee stock ownership plans (ESOPs) are generally exempt from creditor...more

Kerr Russell

No Foolin’: Bankruptcy Code Changes Go Into Effect On April 1

Kerr Russell on

For both debtors and creditors, the numbers are important in a bankruptcy proceeding. The Judicial Conference of the United States has announced that certain dollar amounts and dollar limitations in the U.S. Bankruptcy Code...more

Freeman Law

Bankruptcy: The Mechanics of Exemptions and Related Issues

Freeman Law on

Most bankruptcy attorneys have a basic level of understanding of the how exemptions work. At a very broad level, a claim of exemptions removes property of a consumer debtor (note that business debtors are not afforded...more

ArentFox Schiff

Impacts of Stimulus Legislation on the Bankruptcy Code: Debtor Eligibility and Preference Exceptions

ArentFox Schiff on

The recently-passed Consolidated Appropriations Act, 2021 (the “CAA”) augments the CARES Act by expanding the existing Paycheck Protection Program (“PPP”) and adding additional stimulus programs in an attempt to lay some...more

Dechert LLP

Second Circuit Affirms Enforceability of Swaps’ Flip Provisions

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Swaps, together with repurchase agreements, forward contracts, securities contracts and commodities contracts receive special treatment under the bankruptcy code-they are largely exempt from the automatic stay, bankruptcy...more

Morrison & Foerster LLP

Antitrust Filing Obligations In The Time Of COVID-19 And Financial Distress

The spread of COVID-19 has already taken a significant toll on the health of individuals and economies across the globe. While governments are using fiscal and monetary policy tools in an effort to limit the impact on...more

Robins Kaplan LLP

Sixth Circuit Adopts Minority Interpretation of Mootness

Robins Kaplan LLP on

The United States Court of Appeals for the Sixth Circuit recently held that parties arguing mootness under section 363(m) of the Bankruptcy Code must establish that the appellate court is unable to grant effective relief...more

Jackson Walker

Court Finds Broad Exemption for IRAs

Jackson Walker on

In In re Elizabeth Bratton Moore, the Bankruptcy Court for the Eastern District of Texas (Sherman Division) ruled that the exemption for IRAs in Section 42.0021 of the Texas Property Code applies not only while the funds are...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides Retirement-Fund Bankruptcy Exemption Case: Clark v. Rameker

On June 12, 2014, the United States Supreme Court decided Clark v. Rameker, No. 13-299, holding that funds in an individual retirement account (IRA) that a bankruptcy debtor obtained through inheritance are not "retirement...more

Bond Schoeneck & King PLLC

High Court to Rule on Retirement Fund Exemption

Ruth Heffron established an IRA naming her daughter, Heidi Heffron-Clark, as the sole beneficiary. Ruth died in 2001 and the account, valued at roughly $300,000, passed to Heidi. After her mother’s death, Heidi then...more

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