Court Opinion

ID: 9705833
Source: CourtListenerOpinion
Date Created: 2023-08-26 01:23:02.640648+00
Date Added: 2024-06-11T15:26:03.822333
License: Public Domain

SCHERMER, Bankruptcy Judge
concurring.
I concur in the holding that the debtors’ Individual Retirement Accounts are not exempt under 11 U.S.C. § 522(d)(10)(E) based upon precedent of our Circuit. However, I would invite our Circuit to revisit this issue where, as here, the debtors’ pensions would have been exempt had they filed their bankruptcy petition while employed by Northrop Grumman, but they are not exempt where the debtors filed after their employment ceased and they rolled over the proceeds of their Northrop Grumman pensions into IRAs. Each Circuit which has examined the issue has held that IRAs may be exempt under Section 522(d)(10)(E). See In re Brucher, 243 F.3d 242 (6th Cir.2001); In re McKown, 203 F.3d 1188 (9th Cir.2000); In re Dubroff, 119 F.3d 75 (2nd Cir.1997); and In re Carmichael, 100 F.3d 375 (5th Cir.1996).