Supreme Court To Hear Case On Inherited IRAs In Bankruptcy

Law360, New York (November 26, 2013, 3:26 PM EST) -- The U.S. Supreme Court on Tuesday said it would consider a case challenging Seventh Circuit’s finding that an inherited independent retirement account cannot be protected against bankruptcy claims after petitioners noted that the ruling created a rift between circuits.

The justices will hear the petition of a Wisconsin couple that filed Chapter 7 bankruptcy in 2010 after their business collapsed under the economic recession. A Wisconsin bankruptcy court had rejected Brandon C. Clark and Heidi Heffron-Clark’s efforts to keep Heffron-Clark’s mother’s IRA, which she had inherited,...
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