Legal Question in Bankruptcy in Virginia
Federal or state exemption laws
I was told that I can't use both federal and state exemption laws to protect assets in Virginia. Does that mean I have to use federal laws since most of my assets are in an IRA which the Supreme Court ruled (03-1407 Rousey v Jacoway (12-1-04) are exempt from creditors in bankruptcy and there is no mention of that law in the list of VA exemption laws?
Asked on 8/25/05, 6:41 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Re: Federal or state exemption laws
In VA you cannot use federal exemptions. IRAs can be exempted under VA law, but you need to be careful. Do not try to do this without a lawyer.
Answered on 8/25/05, 7:02 pm
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