Support issues are difficult enough when the parties are solvent, but what happens when one of the spouses goes through bankruptcy? Can support obligations be discharged? And on the other side, can the receiving spouse still collect if he or she files for bankruptcy?
Updated: The bankruptcy court in In re Sherr (Bankr ND Cal, Sept. 27, 2016, No. 16-10283) 2016 Bankr Lexis 3521 has held that the exemption for “retirement funds” applies to inherited IRAs under California law.
The law says that retirement funds are exempt property in bankruptcy, but the Supreme Court has held that this exemption doesn’t apply to inherited IRAs. End of story? Not quite.
Many attorneys, from business transactional specialists to family lawyers, are asked by their individual clients, “Should I file for bankruptcy?” This is not an easy question to answer, and is best responded to after analyzing many facts and issues. In fact, to answer it well, you’ll need to ask some questions of your own to determine the appropriateness of bankruptcy and the type of bankruptcy case to file.
Commercial bankruptcies continue to soar, leaving frustrated landlords hung out to dry by bankrupt tenants. After filing for bankruptcy, a commercial tenant has a limited time to either assume or reject its lease as an executory contract. This election has significance to both the tenant and the landlord.