In Re Innis

MEMORANDUM DECISION

Jack M. Innis (“Debtor”) scheduled his individual retirement account (“IRA”) as exempt from property of the estate pursuant to 11 U.S.C. § 522 (b)(1) and California Code of Civil Procedure (“C.C.P.”) § 703.-140(b)(10)(E). The Chapter 7 trustee opposes.

FACTS

On March 25, 1986, the Debtor filed his petition for Chapter 7 relief. Under § 522(Z) the Debtor is required to file a list of property that he claims as exempt and to cite the statutory provision creating the exemption. The Debtor has claimed his IRA account valued at $9,087.50 is exempt under C.C.P. § 703.140(b)(10)(E). The trustee opposes on the grounds that the said subsection does not provide an exemption for IRA accounts.

ISSUE

Does C.C.P. § 703.140(b)(10)(E) provide an exemption for IRA accounts?

DISCUSSION

C.C.P. § 703.140(b)(10)(E) exempts from property of the estate the debtor’s right to receive “a payment under a stock bonus, pension, profitsharing, annuity, or similar plan or contract on account of illness, disability, death, age or length of service to the extent reasonably necessary for the support of a debtor and any dependent of the debtor_” (emphasis added). Here, the debtor has…