Creditors barred from grabbing IRAs Supreme Court says accounts shielded in bankruptcy
By Padraic Cassidy, MarketWatch Last Update: 3:53 PM ET April 4, 2005
NEW YORK (MarketWatch) -- Assets held in individual retirement accounts are not savings that can be seized by creditors in bankruptcy proceedings, a unanimous U.S. Supreme Court said Monday.
The IRAs belonging to Richard and Betty Jo Rousey are akin to deferred wages that were intended to be used for retirement and qualify as a shielded asset from Chapter 7 proceedings, Justice Clarence Thomas wrote in overturning an Eighth Circuit Court of Appeals ruling.
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