- 11 U.S.C.
In re Pellegrini
Jan
17
2012
Ruling
Debtor could not claim exemption in settlement proceeds of action for IRA fraud where funds were not in account on petition date.
Procedural posture
After debtor's chapter 7 case was reopened based on the trustee's discovery of the fact that debtor had failed to disclose that he had won a $302,663 judgment against an investment group based on its commission of fraud in connection with his IRA, debtor amended his schedules to list the judgment and to claim that it was exempt per 11 U.S.C.S. § 522(d)(12). The trustee objected to the exemption and sought summary judgment that it was improper.
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Court
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