I are considering filing bk, but I'm concerned about the sale of a piece of property my husband and I own.
We are selling to a family friend and received the down payment back in January. We had to wait until spring to do the perk test, which was just finished, so we're likely to close on the property within the next month.
Two weeks ago I cashed in one of my retirement accounts to use towards paying off some of the debt. If we roll over that money within 60 days to another retirement account, we don't have to pay the 10% early withdrawal penalty. We could use the proceeds from the property sale to re-fund the retirement account, or we could apply it to one of our mortgages, which would not be discharged in a bk.
Now I'm concerned that if I file for bk, the sale of this land could be reversed. Is that a reasonable fear?
- Figuring It Out in NY
We are selling to a family friend and received the down payment back in January. We had to wait until spring to do the perk test, which was just finished, so we're likely to close on the property within the next month.
Two weeks ago I cashed in one of my retirement accounts to use towards paying off some of the debt. If we roll over that money within 60 days to another retirement account, we don't have to pay the 10% early withdrawal penalty. We could use the proceeds from the property sale to re-fund the retirement account, or we could apply it to one of our mortgages, which would not be discharged in a bk.
Now I'm concerned that if I file for bk, the sale of this land could be reversed. Is that a reasonable fear?
- Figuring It Out in NY
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