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    #1

    Cashing out retirement

    Hi everyone!

    I have a small retirement account with an old employer that is worth about $3000. I would like to cash it out to buy a used car. I discharged 7/25, still awaiting close. Can this money be taken by the trustee if I do cash it out? How long should I wait before doing this? I've been without a car for over a year, and can wait for awhile, but I'll be moving in Sept (farther away from work) and will need a car at that time.

    Thanks!
    Chapter 7 filed 4/23/07
    341 Meeting 5/22/07
    Last day for Objections 7/23/07 - Discharged 7/25/07 - Closed 7/31/07
    On to rebuilding!
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    #2
    If you have been discharged, then you are fine. (assuming the trustee hasn't disputed whether that retirement account is exempt, but you would know if he did).

    Comment

      #3
      Thank you!
      Chapter 7 filed 4/23/07
      341 Meeting 5/22/07
      Last day for Objections 7/23/07 - Discharged 7/25/07 - Closed 7/31/07
      On to rebuilding!

      Comment

        #4
        Don't forget to stash away a portion to pay taxes on the withdrawal.
        Filed Ch 7 - 09/06
        Discharged - 12/2006
        Officially Declared No Asset - 03/2007
        Closed - 04/2007

        I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

        Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

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