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  • Bankruptcy after Retirement: Ch 7 or Ch 13?

    My dad, who is in his late 70s, has gotten himself into too much unsecured debt. He has assets, which are all in retirement accounts (IRAs) and investments (stock). Also a house, under a mortgage but not (thankfully) under water. About 1/3 of the debt is an unsecured loan is left over from a business...
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    Last edited by tess_bk; 06-28-2012, 12:15 AM. Reason: Correct the # of years ago I joined this site! Thought it was 10 but it was only 6.

  • simon2020
    started a topic 401-k early withdrawal due to layoff

    401-k early withdrawal due to layoff

    I'm half way through my 5 year ch 13 plan. I have a 100% plan.

    Just received notice today that half the company will be let go in 3 to 6 months.

    I know I would have to pay a penalty but I want to withdraw, my 401-k after I separate from the company. I will also receive...
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  • addisonsmom
    started a topic IRA Withdrawl to Pay taxes????

    IRA Withdrawl to Pay taxes????

    We are currently on a 100% payback plan on our Chapter 13 and we are going to have to pay the IRS a little over $2500. We are considering taking some money from our IRA in order to pay these taxes since we can not incur any more debt. Will we have to have our attorney petition the court or can we just...
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  • Ditos
    started a topic IRA Shuffle

    IRA Shuffle

    Trustee is waiting for our tax refund before the case closes. Can we shuffle IRA money to a Roth before the case is actually closed?
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  • BankruptinNJ
    started a topic Rollovers to IRA???

    Rollovers to IRA???

    Hi. I recently lost my job and am not eligible for unemployment -- therefore I will have no income. I do have a small bit of money in the company's pension and 401(K) plans with Merrill Lynch.

    I supposed I'll have to rollover these funds into an IRA. I know NOTHING about this. This is...
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  • Should I? I'm so nervous about putting this packet in the mail!

    I have my paperwork prepared, check for half of the attorney fee (ouch...don't have this right before Christmas with no more credit available!) written and have stopped paying my unsecured creditors as of the 9th...After all my worrying and planning I'm suddenly sick and unsure whether I should proceed....
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  • TSP (Thrift Savings Plan) payout before 341


    I am recently unemployed. I have a question about getting my TSP (US Government Thrift Savings Plan) paid out during bankruptcy. I have had no income for the last 1 ½ months. I want to file this week, but I want to if I can and should take the option to have my TSP paid...
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    started a topic Ira contribution within 90 days of filing

    Ira contribution within 90 days of filing

    Before I knew that I would have to file for Chapter 7, I made a $6,000 contribution to my existing IRA ($5000 + $1000 catchup). This was for the current year and I did it May 7th and I filed June 23. Contribution was for 2010 and was the same as I made in 2009. I have contributed to my IRA in each...
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  • nichole04
    started a topic Roth IRA vs. Traditional IRA w/tax refund ch 7

    Roth IRA vs. Traditional IRA w/tax refund ch 7

    My husband and I have about $15,000 in the bank and most of it is from our 2009 tax refund. We just closed our small business so the deductions we had for the business helped us get this large refund. We are filing ch. 7 in April and are above the median income but passed the means test. Should we...
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  • mojomonkey
    started a topic Assets - savings, transfers, etc...

    Assets - savings, transfers, etc...

    my girlfriend is in foreclosure and may have to declare bankruptcy to avoid $70k+ in mortgage debt. what can she do to protect her savings? bank accounts are non-exempt, but is there something she can do to make it safe? move it to an IRA / 401k? are transfers of this sort ok? how far back in bank...
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