Hi Everyone,
I've been reading and learning a lot. I've seen the bad mistakes I made a couple of months ago when I took about $50,000 out of my retirement savings to pay off debt. I see now this would have been dischargeable through bankruptcy, and it didn't pay everything off. I still have some of the money sitting in our checking account because I have not been working for the past several months. I have been ill so we are living on hubby's income right now. I have more medical bills coming due to an upcoming surgery so I want to wait to file anyway.
We do have a house that is somewhat upside down, and it needs a lot of work. I am reading not to reaffirm the debt which hubby is okay with as well. Is it okay to find a decent apartment before filing? The market here is like everywhere else and is pretty competitive. I could use some of the retirement money to help with moving expenses and deposits. Is that allowed for spending down? Hubby's a few years away from retirement so getting away from this money pit may be another blessing in disguise.
I was on unemployment until September of this year so waiting a few more months would make sure we pass the means test without an issue. I know our taxes that we will file in 2022 will look inflated on income due to the retirement amount? I know they will want a few years of tax returns, but will this be a red flag to the trustee? I don't know if there is some type of income limitation on tax returns.
Thanks!
I've been reading and learning a lot. I've seen the bad mistakes I made a couple of months ago when I took about $50,000 out of my retirement savings to pay off debt. I see now this would have been dischargeable through bankruptcy, and it didn't pay everything off. I still have some of the money sitting in our checking account because I have not been working for the past several months. I have been ill so we are living on hubby's income right now. I have more medical bills coming due to an upcoming surgery so I want to wait to file anyway.
We do have a house that is somewhat upside down, and it needs a lot of work. I am reading not to reaffirm the debt which hubby is okay with as well. Is it okay to find a decent apartment before filing? The market here is like everywhere else and is pretty competitive. I could use some of the retirement money to help with moving expenses and deposits. Is that allowed for spending down? Hubby's a few years away from retirement so getting away from this money pit may be another blessing in disguise.
I was on unemployment until September of this year so waiting a few more months would make sure we pass the means test without an issue. I know our taxes that we will file in 2022 will look inflated on income due to the retirement amount? I know they will want a few years of tax returns, but will this be a red flag to the trustee? I don't know if there is some type of income limitation on tax returns.
Thanks!