Pennsylvania Capital Bank v. Allen (In Re Allen)

MEMORANDUM OPINION

M. BRUCE McCULLOUGH, Bankruptcy Judge.

Robert D. Allen, the debtor in the above-captioned bankruptcy ease and respondent herein, claims as exempt his interests in an individual retirement account (IRA) and a simplified employee pension (SEP). 1 Allen, pursuant to 11 U.S.C. § 522(b)(2), has elected to take those exemptions provided by applicable nonbankruptcy law, including exemptions set forth under the law of Pennsylvania. Allen seeks to exempt his entire in terest in the IRA and SEP pursuant to 42 Pa.Cons.Stat.Ann. § 8124(b)(l)(ix). 42 Pa. C.S.A. § 8124(b)(l)(ix) provides,…