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Bankruptcy: Exemption-“Retirement Funds”
Staff Report//February 14, 2020
Where a debtor argued that his interests in his ex-wife’s individual retirement account and 401(k) were exempt as “retirement funds,” the bankruptcy court properly disallowed the exemption because his interest had not been transferred to an account in his name, and his conditional interest in the 401(k) lacked the legal characteristics of retirement funds.
Judgment is affirmed.
Lerbakken v. Sieloff and Associates (MLW No. 74514/Case No. 18-3415 – 9 pages) (U.S. Court of Appeals, 8th Circuit, Benton, J.) Appealed from the U.S. Bankruptcy Appellate Panel, 8th Circuit. (John F. Hedtke, Duluth, Minnesota, argued for appellant) (Thomas Charles Atmore, Minneapolis, argued for appellee).
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