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Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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My personal debts were discharged a year ago under a Chapter

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My personal debts were discharged a year ago under a Chapter 7 filing. However, the case still remains open until a personal injury trial has ended (est. May 2013). If I withdraw $50,000 from my IRA and $50,000 from my 401K, can the Bankruptcy Attorney take that money away from me to pay my creditors? Would it be wise to wait until after May 2013 before taking a distribution(s) from my IRA/401K?


Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.


The IRA and 401K are exempted under the bankruptcy code so you could use them for expenses, and since your case was discharged, it should not be a problem.


If the trustee is waiting on a personal injury award only that would be given to the trustee.

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