Can an inherited IRA be claimed as an exemption?: U.S. Supreme Court decides Clark v Rameker

The answer to this question may matter to you, your children, and your grandchildren! (Hint, the answer is no.)

Clark v. Rameker (13-299), in a unanimous decision:

JUSTICE SOTOMAYOR delivered the opinion of the Court.

When an individual files for bankruptcy, she may exempt particular categories of assets from the bankruptcy estate. One such category includes certain “retirement funds.” 11 U. S. C. §522(b)(3)(C). The question presented is whether funds contained in an inherited individual retirement account (IRA) qualify as “retirement funds” within the meaning of this bankruptcy exemption. We hold that they do not….

The Bankruptcy Code does not define “retirement funds,” so we give the term its ordinary meaning….” [Link to full case.]

Some Students CAN Discharge Student Loans in Bankruptcy

Marketplace Money ran an interview with Ron Lieber, author of the recent NYT story on discharging student loan debt in bankruptcy:

1) Marketplace Money (9/7/12) podcast: Student loans and bankruptcy

2)  Ron Lieber’s (9/31/12) New York Times article:
Last Plea on School Loans: Proving a Hopeless Future

Other NYT articles by Ron Lieber.

Disclaimer: The information provided on this blog is for research purposes only.  We do not provide legal advice, nor do we endorse any person, product, or company.
These blog posts are snippets of news, research tips, and commentary. They are starting places for legal research, not full legal research strategies or results. Please talk to a lawyer or law librarian if you want to research your legal issue thoroughly.

Oregon Legal Notices of Sales of Real & Personal Property on OSSA Website

Oregon State Sheriff’s Office Association (OSSA) (a tax-exempt nonprofit) website states:

“OSSA’s sole function in relation to Sheriffs’ Sales of real and personal property is to post legal notices as authorized by ORS 18.924.”

Link to ORS 18.924.

A Statesman Journal, June 13, 2012, article: “Website to list legal notices for sales.” [SJ website may force you to log-in, but you can link directly to the OSSA Sheriffs Sale website for the legal notices of sale.]

Excerpt: “The Oregon State Sheriff’s Office Association will begin hosting a website for legal notices of sale of real and personal property starting this Friday.

Once a judge orders a piece of property to be sold, the county sheriff’s offices assists in that sale by holding an auction. Up until last year, the agency would be required by law to post notices of those auctions in public places. For real estate, the agency was required to run a notice in the newspaper once a week for four consecutive weeks. For other types of property, a public notice was required to be posted in a public place between 10 and 20 days.

In 2011, legislators decided to allow the OSSA to host a website and post these notices on the Internet.…” [Read full story.  The SJ website may force you to log-in in order to read the June 13th, but you can link directly to the OSSA Sheriffs Sale website for the legal notices of sale.]

Oregon Bankruptcy, Employment, and other Pro Bono Legal Clinics

Do you have questions about … debt collection, bankruptcy, employment (wage claims, termination, discrimination & unemployment), or expungement of a criminal record?

Oregon attorneys volunteering at these two Pro Bono Legal Clinics may be of assistance. Link to clinic flyers from the Washington County Law Library What’s New? webpage:

1) Oregon Law Center & Intel Corporation’s Pro Bono Debt Clinic

2) Bankruptcy Clinic (sponsored by Legal Aid, Oregon Law Center, & Debtor-Creditor Section of OSB)

New legal research guide – Bankruptcy

The good news out of the United States Bankruptcy Court for the District of Oregon is that overall bankruptcy filings for the district were down in 2011 compared to 2010.  There were 17,151 cases filed in 2011, compared with 19,741 in 2010.  If you compare the 2011 numbers with the total case filings from 2005 (32,168 total case filings), the 2011 statistics appear promising.  However, we still receive many questions about filing for bankruptcy.  So, we’ve created a new legal research guide on bankruptcy, available on the Washington County Law Library’s website.  As usual, if you can’t find a document on our website, check out our handy, alphabetical document index.    

Transferring Ownership (title) of Vehicles in Oregon in Divorce, Bankruptcy, or Estate

The Oregon State Bar (OSB) Bulletin, June 2011, has a useful article in their Legal Practice Tips column: “Get it Right the First Time: Settling Ownership of Vehicles,” by William Leslie.
Excerpt: “Handling a titled vehicle in a divorce, bankruptcy or estate doesn’t have to be hard, but simple mistakes are made by new and experienced attorneys alike….
Here are some common mistakes made by attorneys in handling vehicles. The concepts apply equally well to boats, airplanes and anything else with a title issued by a state agency….” [Link to full article.]