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.

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 See the Adamar of NJ v. Heidel cases out of the ED Va (published, maybe) and the 4th Cir. (unpublished).

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Answered on 7/10/01, 5:08 pm

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