The Internal Revenue Code defines an IRA as an individual retirement account/ annuity which was acquired because of the death of another person when the recipient was not the surviving spouse. The Judicial Code protects retirement funds and accounts from attachment or execution by judgment creditors. Until recently, Pennsylvania Courts had not addressed whether inherited IRAs were subject to that protection. In June, the Pennsylvania Supreme Court denied an appeal from a January 2022 ruling by the Superior Court of Pennsylvania regarding Inherited IRAs. The issue arose in an Allegheny County garnishment action and was eventually presented before the Pennsylvania… read more »
Are Defamation Damages Dischargeable in Bankruptcy?
The jury issued its verdict yesterday in the Virginia defamation lawsuit between Johnny Depp and his ex-wife Amber Heard. After three weeks of trial, the jury concluded that Ms. Heard’s statements were defamatory. Yesterday’s verdict has left many people asking whether damages awarded in a defamation case are dischargeable in bankruptcy. Ordinarily, when a person files bankruptcy and receives a discharge, this means that the bankrupt party’s debts are eliminated and do not need to be repaid. Dischargeability depends upon what else the jury concludes. The Bankruptcy Code says that debts based on liability “for willful and malicious injury by… read more »