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I am currently in Chapter 13 in NYS. I am having no problems with my file. My question is-My ESOP has been partially rolled over to an IRA retirement act. There is a real family emergency and I need to take a sum of money out of my account to help my son. Besides the tax implications (I am currently 61 years old) which I will pay when my taxes are due, will taking this money out of my IRA jepordize my Chapter 13 status which I do not want to do. The balance of my ESOP should be rolled over into my IRA this year. Am I ok to take my money out of my IRA and give to my son?
I appreciate your fast response, however your answer has prompted a 2nd part to my question. In January of this year I took $3000 out of my IRA for a quick loan because my brother had just passed away. I repayed the money within the 60 day window. Am I ok with this or is the $3000 now going to be taken by the court.
Thank you for your help with this matter.
Thank you again for your answer. Do you think, in your opinion, that my chances are good that there may be no action by the court because I did replace the funds, and if the court did want the funds would it just want the $3000 that I withdrew and then replaced?
This will be my last question, I am sorry I have had extended questions.
Many thanks for all your help. I will not take any more money for any circumstance without 1st discussing this with my attorney---who is on a much needed vacation at this time.
Many thanks again,