In re Elster
Opinion
Lead Opinion
Ryan, J.
MEMORANDUM OPINION
The issue before me is whether there is a limitation on the number of IRA accounts a married couple filing a joint petition may claim as exempt.
JURISDICTION
This court has jurisdiction over this case pursuant to 28 U.S.C. § 1334 (a) (the district courts shall have original and exclusive jurisdiction of all cases under Title 11), 28 U.S.C. § 157 (a) (authorizing the district courts to refer all Title 11 cases and proceedings to the bankruptcy judges for the district) and General Order No. 266, dated October 9,1984 (referring all Title 11 cases and proceedings to the bankruptcy judges for the Central District of California). This matter is a core proceeding pursuant to 28 U.S.C. § 157 (b)(2)(B).
STATEMENT OF FACTS
Howard and Julianne Elster (“Debtors”) filed their joint petition under Chapter 7 of the Bankruptcy Code on October 22, 1987. In their petition Howard Elster claimed $3,000 in an Individual Retirement Account (“IRA”) as exempt and Julianne Elster claimed $4,000 in an IRA as exempt. Both of these exemptions were claimed pursuant to Cal.Civ.Proc. Code § 704.115(a)(1), (2).
On December 9, 1987, Mr. John P. Stodd, the Chapter 7 trustee (“Trustee”),…