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Debtors in Bankruptcy can strip away 2nd Mortgages on their homes in Chapter 11, 12 and 13, under 11 U.S.C. § 506, as long as the Balance owed on the 1st Mortgage is greater than the value of the home. Not so in chapter 7 because of “Dewsnup v.Timm, 502 U.S. 410 (1992)” However now,…

Everyone “knows” 401K funds, IRA’s and other Retirement funds are exempt in bankruptcy, “. . . to the extent that those funds are in a fund or account that is exempt from taxation under section 401,403,408,414,457 or 501(a) of the Internal Revenue Code of 1986.     11 U.S.C. §522(d)(12)(2018)” … until now!   Recently, the Bankruptcy…