Legal Question in Bankruptcy in Virginia

IRA''s exempt federal law not virginia

Are IRA''s exempt under Federal law even though Virginia has opted out of the federal bankruptcy scheme Ifailed to list clients IRA on schedule and trustee has objected to amendment saying not filed within 5 day window. If not exempt under some other exemption other than Virginia statute I'm in trouble.

Asked on 7/10/01, 1:00 am

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.
0 users found helpful
0 attorneys agreed

Re: IRA''s exempt federal law not virginia

An IRA is not exempt under federal non-bankruptcy law. BUT the 5-day window should not apply because it is not a 34-4 homestead deed issue. See the Adamar of NJ v. Heidel cases out of the ED Va (published, maybe) and the 4th Cir. (unpublished).

Read more
7/10/01, 5:08 pm

Related Questions & Answers

More Bankruptcy Law questions and answers in Virginia

Looking for something else?

Get Free Legal Advice

87822 active attorneys ready to answer your legal questions today.

Bankruptcy Law Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Barry SteinDe Cardenas, Freixas, Stein & ZacharyMiami, FL
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now