Do You Get To Keep Your Roth IRA Even If You File Bankruptcy? In Georgia, Yes, Says The Eleventh Circuit

In an issue of first impression, the Eleventh Circuit Court of Appeals has ruled that a Roth IRA is not property of a bankruptcy estate in Georgia. Hoffman v. Signature Bank of Georgia, Case No. 20-12823 (11th Cir. Jan. 24, 2022). This means that a bankruptcy trustee cannot get to the Roth IRA for the benefit of creditors. Although this creates a possible barrier for creditors and bankruptcy trustees attempting to liquidate assets held in […]

By | February 23rd, 2022 ||

Is Chapter 15 A Prerequisite To Obtaining Comity From A US Court With Respect To Foreign Insolvency Proceedings?

US courts have a long tradition of granting comity and enforcing orders of foreign courts. With the enactment of US Bankruptcy Code section 304 in 1978, and Chapter 15 in 2005, representatives in foreign bankruptcy cases generally sought relief in US courts through section 304 and later Chapter 15. It remains an open question, however, whether commencing a chapter 15 case is a prerequisite to obtaining comity with respect to a foreign insolvency proceeding. […]

By | February 13th, 2022 ||

Moving Up: Bankruptcy Code Dollar Amounts Will Increase On April 1, 2022

An official notice from the Judicial Conference of the United States was just published announcing that certain dollar amounts in the Bankruptcy Code will be increased a larger than usual 10.973% this time for new cases filed on or after April 1, 2022. Follow this link for the Federal Register page with a chart listing all of the updated dollar amounts. Among the most meaningful increases for Chapter 11 and other business bankruptcy cases:

The employee compensation […]

By | February 3rd, 2022 ||