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When Debtor’s Money is no Longer Debtor’s Money: Sometimes not even Bankruptcy Helps

Posted by November 16, 2016 ,

When does a New Jersey resident lose all right to funds in a bank account levied by a judicial officer on behalf of a judgment creditor?  The answer:  "When the Superior Court of New Jersey enters an order compelling the bank to turnover or surrender the funds."  If a turnover order is entered before a bankruptcy petition is filed, the debtor ... Read More.

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INHERITED IRA NOT PROPERTY BANKRUPTCY ESTATE | NJ

Posted by February 1, 2016 ,

Under federal bankruptcy law, retirement funds are generally exempt from the claims of creditors in bankruptcy proceedings. But in Clark v. Rameker, 134 S. Ct. 2242, 189 L. Ed. 2d 157 (2014), the United States Supreme Court declared that an inherited IRA -received by the beneficiary upon death of the IRA owner - does not fall within the definition ... Read More.

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