Posted on: 29th Jan, 2010 02:09 pm
I'm 65. I have $40,000 I want to protect before I declare Chap 7. What can I do to keep the cash from creditors?
If I put 12,000 in an IRA for 09 &10 how quickly can I get it out when I need it? My intention is not to invest for retirement but to shield the money.
Thanks for your time,
If I put 12,000 in an IRA for 09 &10 how quickly can I get it out when I need it? My intention is not to invest for retirement but to shield the money.
Thanks for your time,
Hi knorcop,
You can put your money in IRA to protect it from creditors, when you file bankruptcy Chapter 7. As far as Im aware of, you can withdraw money from your IRA tax-free if you are 59 years or older. Thus, I think withdrawing money from your IRA will not be a problem for you. However, you ought to consult your bankruptcy attorney before filing chapter 7 and check out if there is any other way to protect your money from the creditors.
You can put your money in IRA to protect it from creditors, when you file bankruptcy Chapter 7. As far as Im aware of, you can withdraw money from your IRA tax-free if you are 59 years or older. Thus, I think withdrawing money from your IRA will not be a problem for you. However, you ought to consult your bankruptcy attorney before filing chapter 7 and check out if there is any other way to protect your money from the creditors.
you can also invest in a good mattress.
yes, it's facetious, but there are some who truly believe in mattress money. if you're looking to hide your funds, i suppose you could do worse. and please don't go digging up your lawn - if you need the money in the winter, you'll go through a lot simply trying to retrieve it from the frozen tundra.
yes, it's facetious, but there are some who truly believe in mattress money. if you're looking to hide your funds, i suppose you could do worse. and please don't go digging up your lawn - if you need the money in the winter, you'll go through a lot simply trying to retrieve it from the frozen tundra.
