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Archives for December 2011

Michigan Bankruptcy – District Court Decides Stephenson – Says Inherited IRAs Fully Exemptable

Bankruptcy in Michigan Inherited IRAS. Debtors Daniel and Janet Stephenson appealed an Order in their Ch. 7 bankruptcy to the U.S. District Court, Eastern District of MI, Southern Division.  The Standing Trustee’s objections to their claimed exemptions had been sustained.  Among their assets, the Debtors listed three inherited IRAs, exempting them in full through the…

Bankruptcy in Michigan – Reviewing Court Can Comment About A Factual Finding Being Mistaken

Michigan Bankruptcy- Reviewing Court and Ruling on comments. A visiting bankruptcy judge presided over an evidentiary hearing on objections to certain claims filed.    There were numerous related adversary proceedings pending.  During the hearing the Liquidation Trustee submitted a proposed Dismissal Order, with the disclaimer that applicable parties disagreed over the terms.  The Bankruptcy Court for…

Bankruptcy in Michigan – 6th Circuit Says Perfection Follows Secured Lien, Even After Assignment

Michigan Bankruptcy Secured Lien. The Bankruptcy Court for the Northern District of OH said Wells Fargo Bank lacked standing to seek relief from the automatic stay in the filed Ch. 7 of Megan Rice.  WFB appealed the decision to the 6th Circuit Appellate Panel.  Debtor Rice had previously financed a Trailblazer.  In turn, the security…

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