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HELP need to know by 4:30 TODAY !!!

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    #1

    HELP need to know by 4:30 TODAY !!!

    I need to know, and I can not get a hold of my lawyer.

    I have had my 341 meeting but have not been discharged. I need to know if I can cash out a 401k from a job that I no longer work at and still have that money exempt. ($1500 in the 401)

    bacisly I want to pay the penities on this years taxes as to stay under the $1600 exemtion.

    I know this sounds like cheating the system but is it legal....I live in Ohio if it matters
    Tags: None
    #2
    Don't know if this helps or not, but I sold some items before I filed to pay estimated taxes due for this year and the trustee had no problem with it. Art

    Comment

      #3
      Look over your state's exemptions. Some say that proceeds from exempt property are exempt, some don't make a distinction.
      Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

      Comment

        #4
        if i had a attorney then i would do anything possible to get his advice. whatever it took. if time is of the essence then maybe get second opinions from new attorneys acting like you need to file. give a different name and social over the phone so they dont look you up.

        now you know a secret
        Im not an attorney or a trustee. You cant trust me either though!

        [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
        [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
        [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
        [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

        Comment

          #5
          Generally I think that is a great idea. For something as specific as this-maybe not. Needing to ask if you can cash in a 401k between 341 & discharge, might have a hard time passing that off in a 'thinking about filing & need to get a few answers' type conversation.

          Originally posted by bkfiler
          if i had a attorney then i would do anything possible to get his advice. whatever it took. if time is of the essence then maybe get second opinions from new attorneys acting like you need to file. give a different name and social over the phone so they dont look you up.

          now you know a secret
          Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.

          Comment

            #6
            no its not. its a standard question. doesnt matter when you do it, its the same answer for that problem regardless. before or after a 341 makes no difference for most things really.

            id be worried about the 401 not being exempt anylonger and about the automatic 10% penalty you are going to have to pay if you take it out. also, maybe if you take it out you have 60 days to put it back. so that might buy you time.

            just another possible secret to know about
            Im not an attorney or a trustee. You cant trust me either though!

            [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
            [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
            [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
            [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

            Comment

              #7
              the other problem is that he is up against a deadline today so not much of a change to get attorneys to consult with. not to mention even if he does want to cash it out the coming out date might not be until 2006 depending on how the institution works it.

              everything about this is late, late, late. let us know what you do.
              Im not an attorney or a trustee. You cant trust me either though!

              [x] - Done with 341? Join the 60 Day Club! ___________[x] - Im Discharged! Whoo Hooo!
              [x] - Poll: Should I File Pro-Se ____________________[x] - New BK Law: Median Income, Means Testing and Presumptive Abuse
              [x] - Zombie Debt Collectors Dig Up Your Old Mistakes _-[x] - Bankruptcy Law Resource
              [x] - Need A Fast Answer? Available 24/7!--__________[x] - Dont Be A Hero On Your Budget - You Wont Get An Award!

              Comment

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