We live in Missouri. My wife quit a 2nd job before we filed. Our discharge was supposed to be 5-31-05 and I assume everything is on scheduale. Now my question is we got a letter in the mail concerning her retirement money from her 2nd job, asking if we wanted to roll it over into her 1st jobs retirement account. We could use some of it now for household repairs. We realize we will pay a tax penalty, but would we be doing anything illegal to take part of it in cash and roll over the rest into her present retirement account?
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Can someone Please help me with this? -
Did you disclose this retirement account on your bankruptcy petition?Comment
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From a financial planning perspective, its better to roll it over and figure out some other way to pay for the repairs.
The exemption should still apply even when the money is taken out, but you should double check with your attorney, but it probably won't be an issue.Comment
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