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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I have filed Chapter 7 Bankruptcy around March 26 and it has

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I have filed Chapter 7 Bankruptcy around March 26 and it has not yet been discharged. However, I surrendered my home and am now trying to find a place to live in NC ( I currently live in FL where the bankruptcy is pending). I have found a Manufactured home and the owner is willing to do Owner Financing with a good down payment. I would like to take money from my IRA to make a down payment before the discharge. Should I do this or can I get in trouble or lose this money etc. Help! I need a place to move to soon.
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My name is XXXXX XXXXX I'd be happy to provide you with information today.

I am a licensed Florida attorney but I am not your attorney. The law does not allow me to provide legal advice or form an attorney-client relationship on this public forum.

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Assets, debts and exemptions for a Chapter 7 bankruptcy are determined as of the date the bankruptcy petition is filed. Therefore withdrawal from an IRA, after filing the bankruptcy petition, would not typically result in a risk to the withdrawn IRA funds

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Customer: replied 5 years ago.
If I use the Money to put a down payment on a home in NC - can the new home be in any in jeopardy?
Provided you disclosed the IRA funds on your bankruptcy petition and use the funds from your IRA to make the purchase, the new home would not be at risk as a result of the bankruptcy
Ellen and other Bankruptcy Law Specialists are ready to help you