Springfield, Ohio Bankruptcy Attorney, Chris Wesner helps his clients to avoid the “gotchas” in the process of bankruptcy. Bankruptcy can be a complicated process and there are many things that can go wrong in the process.
You may ask, “Like what?”
Well, if you inherited the proceeds of an IRA (Individual Retirement Account), a recent decision from the US Supreme Court will effect your bankruptcy.
IRAs have been inaccessible to creditors, even inherited IRAs. According to a recent article in the Times Free Press, that recently changed:
Two weeks ago, the U.S. Supreme Court unanimously held that IRA accounts passed along to non-spousal beneficiaries are to be treated like any other asset when the bill collector comes knocking. That means inherited IRAs are fair game for distribution to creditors in cases of personal bankruptcy.
Obviously this decision changes what your strategies for bankruptcy and what effects bankruptcy may have on you. Decisions like this point out the importance of good council in court.
Decisions like this come from lower courts as well, complicating bankruptcy and changing the way the law is interpreted. Good council can help you navigate these potential mine fields.
- The law is constantly changing. As we see court decisions refine and clarify the law.
- Your counsel is the voice of experience. Chances are good that you will only be in bankruptcy court once in your life. Your counsel will guide you and make you comfortable with the process.
- Your council will help you avoid the mistakes that might invalidate your bankruptcy or even leave you liable for criminal charges.
To discuss bankruptcy and what you need to consider when contemplating bankruptcy, please contact us.