In Re Patrick

MEMORANDUM OF OPINION OVERRULING OBJECTION TO DEBTOR’S CLAIM OF EXEMPTION

GERALDINE MUND, Bankruptcy Judge.

This case presents an issue of first impression under the 2005 amendments to the Bankruptcy Code: under what conditions may a debtor exempt an individual retirement arrangement (“IRA”) from the bankruptcy estate under the federal exemptions created by 11 U.S.C. § 522(b)(3)(C) and (d)(12)? 1

Specifically, the issue is whether distributions from an IRA rolled over more than once during a one-year interval are exempt from the bankruptcy estate under 11 U.S.C. § 522(b)(4)(D). To resolve this…