Opinion ID: 656195
Heading Depth: 3
Heading Rank: 1

Heading: The Schleins' Exemptions and the Trustee's Objections

Text: 8 After converting their case to Chapter 7 of the Bankruptcy Code in December of 1988, the Schleins filed a Schedule B-4 (Property Claimed As Exempt). Property described as follows was included on the schedule: 9 Debtors claim an exemption pursuant to Fla.Stat. § 222.21(2)(a) in all monies on deposit in their respective individual retirement account, (IRA)-simplified employee pension (SEP) bank accounts established pursuant to Section 408 of the Internal Revenue Code, including all monies in such accounts at First Federal Savings & Loan Association, Leesburg, Florida (IRA-SEP account with an approximate balance of $138,927.62); Barnett Bank, Leesburg, Florida (IRA-SEP account with approximate balance of $28,655.92); and Sun First National Bank of Lake County, Leesburg, Florida (IRA account with approximate balance of $2,488.86). Total Value of Pension Exemption: $170,072.40. 10 According to the bankruptcy court, the Trustee objected to the claimed exemption in the following property: 11 (i) An Individual Retirement Account/Simplified Employee Pension Account (IRA/SEP account) in First Federal Savings and Loan Association with a balance of $136,502.70. 12 (ii) An IRA/SEP account in Barnett Bank with a balance of $26,250.00. 13 (iii) A regular checking account in Barnett Bank with a balance of $54,253.55. 14 In re Schlein, 114 B.R. 780, 781 (Bankr.M.D.Fla.1990). 1 15