Clark v. Rameker

Summary

The U.S. Supreme Court agreed to review Clark v. Rameker, a case from the 7th Circuit Court of Appeals involving a bankruptcy dispute over whether an inherited individual retirement account (IRA) involved retirement funds. The IRA had originally been the debtor's mother, and passed to the debtor once the mother died. However, a bankruptcy judge determined that when the mother died, the IRA ceased to be retirement funds, so they were no longer exempt from being used to pay creditors during the bankruptcy proceedings. Although the district court later reversed this decision, the 7th Circuit found that the bankruptcy judge's initial determination had been correct and reversed the district court's decision.

— Brian Cardile