Chilton v. Moser (In re Chilton)

Summarized by Craig Geno , Law Offices of Craig M Geno, PLLC
13 years 11 months ago

Citation:

Fifth Circuit

Tag(s):

5th Circuit
Personal Bankruptcy Topics

Ruling:

Affirms District Court opinion

Procedural context:

On appeal to the Fifth Circuit

Facts:

Debtors Inherited an IRA worth $170,000. When they filed bankruptcy, they attempted to exempt the IRA and the trustee objected. The bankruptcy court denied the exemption but the district court reversed. The Fifth Circuit affirmed the district court and followed the majority of courts in ruling that inherited IRAs are exempt. The IRA satisfied the two requirements of 11 USC section 522 (d)(12) because it was a "retirement fund" and the funds in it were in a fund or account that is tax exempt under 26 USC section 408(e).

Judge(s):

Benavides, Stewart and Graves

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