Supreme Court: Creditors Can't Seize IRAs
An IRA is one of the few things left that these leeches can’t get a hold of. (AP):
The Supreme Court on Monday ruled that creditors may not seize Individual Retirement Accounts when people file for bankruptcy, giving protection to a nest egg relied upon by millions of Americans.
The unanimous decision sides with a bankrupt Arkansas couple fighting to keep more than $55,000 in retirement savings. As a result, IRAs now join pensions, 401(k)s, Social Security and other benefits tied to age, illness or disability that are afforded protection under bankruptcy law.
In other Supreme Court news, it declined to hear a case on whether police can have drug dogs sniff outside people’s homes without any specific suspicion of illegal activity. Justices let stand a lower court ruling that allowed the dog sniff.
It also declined to consider the appeal of former Ohio State running back Maurice Clarett, who challenged the NFL’s draft eligibility rules. Without comment, justices let stand a lower court ruling that said federal labor law allows teams to set rules for when players can enter the league.
Another significant ruling came last Wednesday, when the Court said that older workers could bring age discrimination claims against their employers based on disparate impact rather than discriminatory intent. The 5-3 decision in Smith v. City of Jackson, Miss. is considered a landmark victory because of the difficulty in proving discriminatory intent on the part of employers.