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IN RE DALEY

No. 12-6130.

717 F.3d 506 (2013)

In re James L. DALEY, Jr., Debtor. James L. Daley, Jr., Plaintiff-Appellant, v. Ann Reilly Mostoller, Defendant-Appellee.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: June 17, 2013.

Attorney(s) appearing for the Case

ARGUED: John P. Newton , Law Office of Mayer & Newton, Knoxville, Tennessee, for Appellant. Al Holifield , Holifield & Associates, PLLC, Knoxville, Tennessee, for Appellee. ON BRIEF: John P. Newton , Law Office of Mayer & Newton, Knoxville, Tennessee, for Appellant. Al Holifield , Holifield & Associates, PLLC, Knoxville, Tennessee, for Appellee. Melanie Franco Nussdorf , Steptoe & Johnson LLP, Washington, D.C., for Amicus Curiae.

Before: MARTIN and SUTTON, Circuit Judges; ADAMS, District Judge.

OPINION

SUTTON, Circuit Judge.

Generally speaking, the assets in an individual retirement account are off limits from tax collectors and creditors in bankruptcy. Yet if the owner of a retirement account uses it in a prohibited way, the taxation and bankruptcy protection disappears. After saving $66,000 in an IRA with Merrill Lynch, James Daley filed a Chapter 7 bankruptcy petition. The bankruptcy court and the district court thought that Daley had impermissibly...

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