Need a solid YES or NO answer on Roth IRA exemption

[chucko]

How could you have passed the means test? They haven't even established the numbers yet, let alone released them..

Well, in any event, you're probably okay. You may as well start on the 6 months credit counseling thing..let us know if you find a good company- there are so many scheisters out there.

<Did you check to see if you are allowed to do a rollover into your 401K with no penalties yet?>

I found some article that I can't find right now, that explained in great detail the means test and what will keep you out of them assuming abuse or not assuming abuse. It was something like take the difference between your expenses and income, and multiply it by 60. If that figure is less than $5000, or 25% of your total debt, then they automatically will not assume abuse and you can move on to the next step. This is a generalization, but it's very close to what I read. I will have to find that article and post it.

Also, if I can't get my Roth exempt, I may have to roll it into an IRA, but I'd absolutely throw up doing that. Tax was paid on money put into the Roth, and then I'd have to pay tax on the money I take out of the IRA down the road. That sucks.

I can't find a competent lawyer that a) Has experience with a Roth IRA client filing bankruptcy and b) understands the new laws well enough to advise me if I should wait or not.

*edit* Oh and I think I'm going to avoid any credit counselling. I have heard nothing but nightmares from people who have dealt with them, including 2 close friends. Unfortunately I have 2 credit cards with banks that will be changing their minimum payments to 4% rather than 2% so that is really going to put me over the edge. I need to file soon, or stop paying altogether and wait until October.

[davidb81]

If you file before oct 17 you wont have to worry about the means test

[chucko]

If you file before oct 17 you wont have to worry about the means test

Right but I will have to worry about the gov't raiding my $30k Roth IRA to the tune of $27k. That would hurt a little bit.