Federal 7th Circuit Court
Civil Court
Bankruptcy
Bankruptcy Ct. did not err in denying Trustee’s challenge to $292,185.97 in annuity exemptions claimed by debtor under Wisc. Statute in instant Chapter 7 bankruptcy petition. Wisconsin statute (Wisc. Stat. section 815.18(3)(j)) fully exempts certain annuity contracts that comply with provisions of Internal Revenue Code, and instant annuity contracts qualified for said exemption since they paid benefits by reason of age and death and otherwise qualified for tax-deferred status under 26 USC section 72. Ct. rejected Trustee’s argument that instant annuity contracts could qualify for said exemption only if they complied with 26 USC sections 401-09, which generally concerns tax-deferred, “qualified” retirement plans.