Originally posted by FilingOnMyOwn
How could the trustee find out anyway if I was to withdraw from my retirement? Just curious.
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Ok, will do.
How could the trustee find out anyway if I was to withdraw from my retirement? Just curious. -
The government can find anything in the united states that is not hidden under your mattress.Comment
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BK goes thru Federal Court so they'd have no problem checking on your income taxes, even if the Trustee doesn't require you to submit them after your case is discharged.
Attnys have told us, in regards to windfalls, 180 days after Ch 7, and for the duration of the plan in Ch 13.
I don't know if that's after discharge or close or what??!! I'm only just finding out that you can be discharged but you aren't truly done until the case is closed?? If I'm following the comments right.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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401K Rollover to IRA - in process distribution...
Okay folks, I have a bunch of things I need to repair in my home and my car needs new brakes. My Chapter 13 (5-year) repayment plan was confirmed in July. I do NOT have the $$$ to shell out for this stuff. I do have a 401k that I'd like to roll the majority of over to an IRA - but cash out just what I need to pay for these necessities.
As I understand it, the rollover to the IRA amount is allowed - as it's locked up. However, the cash out difference would be considered income and my trustee could reopen the confirmed case and adjust my payment. I am willing to take that risk - considering I am going to make substantially less $$ anyhow due to a job change, etc. My repayment plan was based on a $95k income - which I am barely going to even hit it on the normal pay period cycle. With the cash out amount, my income may jumpt from $95k to $105k gross. I am willing to take the hit to get my brakes fixed and the water line to my bathroom repaired.
Am I correct in my assumptions and just how much punishment will there be?
Thanks for any/all advice.Comment
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