6th Circuit Reverses, Says Debtor's Retirement Savings Not Available To Creditors

6th Circuit Reverses, Says Debtor's Retirement Savings Not Available To Creditors

CINCINNATI - A panel of the Sixth Circuit U.S. Court of Appeals on June 17 reversed and remanded a case in which a bankruptcy court had previously ruled that a Chapter 7 debtor could not shield the savings in his individual retirement account (IRA) from creditors. The panel held that there is a statutory presumption in 11 U.S. Code Section 522(b)(4)(A) that the funds are exempt (James L. Daley Jr. v. Ann Reilly Mostoller $(In Re: James L. Daley Jr.$), No. 12-6130, Chapter 7, 6th Cir.; 2013 U.S. App. LEXIS 12138).

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