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    #1

    after filing but before discharge

    What type of things can you do?
    Can you
    1. change jobs and get extra income without worrying about being converted into a 13
    2. Move and put a deposit on new rental home and not worry about trustee taking it
    3. Take cash out of 401k for buying a used trailer to move with
    4. Take cash out of 401k to help with moving expenses
    5. We exempted our current deposit-are we ok to take it back and use it?


    Just a few questions I have been wondering
    Tags: None
    #2
    I have only one comment that is utmost important. PLEASE do not take out any 401K money. If you lose your job, roll it over into an IRA. NEVER take possession of the funds or check, it must be done institution to institution.

    There is a 10% penalty and regular Income tax that you will have stolen from you by the IRS. PLEASE reconsider. 'Hub
    If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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      #3
      Originally posted by AngelinaCatHub View Post
      I have only one comment that is utmost important. PLEASE do not take out any 401K money. If you lose your job, roll it over into an IRA. NEVER take possession of the funds or check, it must be done institution to institution.

      There is a 10% penalty and regular Income tax that you will have stolen from you by the IRS. PLEASE reconsider. 'Hub
      It is in a IRA not a 401k...I wrote that wrong.

      Comment

        #4
        Originally posted by okiemom2008 View Post
        It is in a IRA not a 401k...I wrote that wrong.
        anyone?

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          #5
          When my lawyer and I were saying good bye after my 341, he told me "now go out and make a million dollars."

          But, I plan on doing nothing until I am discharged.

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            #6
            We are an asset case, so the trustee offered us the opportunity to buy our stuff back from the BK Estate at a reduced, though still hefty cost. This 'buy-back' was contingent on "Mrs. Cat finding full-time employment." Well, that didn't happen with this economy starting to tank. I still have my PT employment--thank God--and have been trying to add hours, but the employer's budget has been cut...

            We made monthly payments to the trustee out of 'Hub's SS check, my PT check and my Unemployment for the FT job that I lost.

            As for other things, we tried to start cautiously saving, and were almost too scared to breathe until after we were discharged.

            Good luck!
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."

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