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California Bankruptsy Law
I filed bankruptsy in the year 2000. My IRA was denied the exemption under Calif law C.C.P. 704.115. I was watching a TV report last night where they explained that an IRA cannot be taken to pay a bankruptsy debt. Well the court took nearly all of mine and denied any exemption. Do I have any recourse? My retirement was very important as I have an incurable disease and cannot work or ever earn that money again in my lifetime.Thank you. Mardie:(
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I am under the impression like you that IRA's are special money and are not subject to the claims of creditors... bankruptcy is a federal provision to allow both individuals and business a chance to start afresh not a CA, WI, NY or other state law... it's a federal law... I do not know what the CA provision, law is that you mentioned but I do know that there is no CA bankruptcy law that allows an individual protection from creditors... you mention "denied exemption" and the "court", can you be more specific about what you meant by "denied exemption" and explain if the "court" is the federal bankruptcy court or some other court such as a state court?
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