(7th Cir. July 26, 2016)
The Seventh Circuit interprets a Wisconsin exemption statute applicable to annuity contracts. The statute provides that such a contract is exempt from assets available to creditors so long as it “complies with the provisions of the internal revenue code.” The trustee argued for a narrow interpretation of this language, while the Court ultimately agrees with the broader interpretation of the statute employed by Wisconsin bankruptcy courts. Opinion below.
Attorney for Debtors: Dewitt Ross & Stevens S.C., Craig E. Stevenson
Attorney for Trustee: Ruder Ware, Steven Martin Anderson
2016-07-26 – wittman v koenig
Author: Matt Lindblom
(7th Cir. Jan. 5, 2015)
The Seventh Circuit addresses two Wisconsin exemption statutes and reverses in part the bankruptcy court’s decision. The bankruptcy court held that a state statute exempting “an interest in a college savings account” only applied to beneficiaries of such accounts, and not the owner of the account. The Seventh Circuit reverses, holding that the statute may also be used by owners of such accounts. The other statute at issue exempted “retirement benefits,” and the court affirms the bankruptcy court’s order permitting the debtor to claim as exempt an annuity under the statute. Opinion below.
2015-01-05 – cirilli v bronk