Is this a bad idea?

[pcn]

There is also a 10% penalty from the IRS if you cash out certain retirement funds before you are officially eligible. Even if it qualifies as a hardship withdrawal. (Ask me how I know... )

[OhioFiler]

necessity or not- you will HAVE to exempt what every money you pull out. NO QUESTION on that.

It will also be included on your six month income. Can you still qualify for a chapter 7 with this included?

If not- file sooner; and cash out once you've had your 341.

Don't do anything rash without looking at the consequences. I understand your situation; and that you need the money. But you do need to make sure you can still file.

Look at your states exemptions as well.

good luck

Most likely, the means test is not applicable to the OP's situation given her husband's deployment to Iraq.

Whyme, you, your husband and your family have the greatest respect we can offer you. The sacrifices you have all made for our country are appreciated beyond these words. Thank you.

[OhioFiler]

Siegferl, freedom isn't free nor are you free to troll this site with your anti-bankruptcy crap. This poster and her family made huge sacrifices so clowns such as you remain free to act like idiots on internet forums.

I pray this is the last time I read your nonsense on this forum. Your bitterness is apparent and frankly a bit unbecoming of someone who calls himself a man.

[hereforinfo]

Freedom is not free.

No it isn't, but some people have paid a higher price than the rest of us.

I think it's a shame that our military doesn't take better care of the people who serve our country. Whyme, your family has made sacrifices that most of us can't even fathom, so please don't feel that you have anything to be ashamed about.

[whyme]

Thank you all so much for your support. My husband's deployment is the MAIN reason for our financial troubles and I feel better knowing that, at least, some people are still appreciative of our military in these troubled times. I look forward to all the support I will gain by being a part of this forum during our BK process.

[sigferl]

Thanks for your post whyme. Thanks for explaining your situtation more thourghly; however, I recommend doing as much as possible to avoid BK, even selling retirement assets that can be repaid latter especially if you have many years till retirement.

I am not a troll, just trying to prevent BK abuse by those filing BK without severe permanent medical disabilities. There are many people that post on this forum and file BK for non severe medical reasons and apparently I am the only one to point out that fact.

No one is negative about a deserving BK, just BK abuse. Welfare is a wonderful program except for the rampant welfare abuse that no one is doing anything about.

I, along with everyone here support our troops and deeply appreciate your husbands service to our country and I try to show my patriotism by flying my flag(20' high), paying my taxes, and working hard to make this country the best it can be.

Freedom is not free.

Thanks for the heads up about Sigferl. He needs to understand that bad things happen to good people. In my case...a chronic and sometimes debilitating medical condition, an unexpected 14 month Iraq deployment (hubby) at a very crucial time in our financial situation which caused a significant loss of income, and a very premature child which halted any furthering of MY career or education (to increase our income) for over 7 years. Not everyone is fortunate enough to cruise through life without any problems.

What really irritates me is that you can cheat on your spouse which results in FAILED marriage, FAIL as a parent which could result in serious problems for your children, be completely irresponsible in every other aspect of your life and get a free pass, but if you are a financial failure, it's practically a crime and people automatically form a negative opinion about you.

[sigferl]

Thanks for your post OF. I thought you knew me better.

Next time you want to quote me try this:

Sigferl is 'anti-BK ABUSE'. Please do not forget he word ABUSE.

I vote that all Obama bailout money(banks, cars, mortgage modification) be immediately cancelled and the money go to higher pay for our troops. Is everyone willing to do that? We will have to remove people from their homes if they cannot pay the mortgage, pay for your own car, and let the bad banks fail.

I am financially secure and not have any problems paying more taxes if it went to military pay.

PS. I pray that you only read my posts and ignore all others because I still have hope for you OF.

God Bless America

Siegferl, freedom isn't free nor are you free to troll this site with your anti-bankruptcy crap. This poster and her family made huge sacrifices so clowns such as you remain free to act like idiots on internet forums.

I pray this is the last time I read your nonsense on this forum. Your bitterness is apparent and frankly a bit unbecoming of someone who calls himself a man.