Property directly traceable to retirement income is exempt

Judge Rice of the Maryland Bankruptcy Court reinforced earlier precedent which held that retirement funds remain retirement funds and are exempt (i.e. people filing bankruptcy or "debtors" get to keep them) even if they are taken out of a 401k or an IRA or are Social Security payments. This is the case, however, only if the funds can be directly traced to the retirement account. Since the debtors were both retired and all their income consisted of retirement funds, money they had deposited in a bank account was exempt. 

No Comments

Leave a comment
Comment Information
Email Us For A Response

How Can We Help You

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Frederick Office
170 West Patrick Street
Frederick, Maryland 21701

Phone: 301-668-5111
Fax: 301-668-2770
Frederick Law Office Map

Silver Spring Office
12114B Heritage Park Circle
Silver Spring, Maryland 20906

Phone: 240-833-2284
Fax: 301-942-8296
Silver Spring Law Office Map

Upper Marlboro Office
14452 Old Mill Road
Suite #301
Upper Marlboro, Maryland 20772

Phone: 301-736-5432
Upper Marlboro Law Office Map