contribution to IRA During CH13

[reb512]

I know that I can continue to contribute my 5% into my 401k during my chapter 13, but does anyone know if I can open and contribute to a Roth IRA,
I was just able to shake a little money out of my budget, so I was looking to put in a IRA.

[chloe0724]

Yes, you can. But you may want to think about just starting a savings account for now. 5 Years is a long time to be in a plan, and many things may come up over that time. You can't get to your IRA money without penalties.

[Flamingo]

Before you do that, I would suggest consulting with your attorney first and asking if it is OK to do that because since you are saving it publically, it is out there over and above what was approved in your Chapter 13 plan. I wanted to start making increased payments into my 401(k) a few years into our plan and my attorney advised me it was ok but only to increase it 1% and if we had trouble making any plan payments or other payments during our plan, the contributions would have to be stopped.

We saved extra cash during our 13 in a big bottle by putting our extra change in at the end of each day. We were amazed at what we saved.

[vegas911]

We saved extra cash during our 13 in a big bottle by putting our extra change in at the end of each day. We were amazed at what we saved.

Saving all the change we get, is putting a bit dent in to the amount the lawyer gets.

It's almost $500.00 in a year!