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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2897
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I filed chapter 7 in 2010. I walked

Customer Question

I filed for bankruptcy chapter 7 in 2010. I walked away from the house a year later. several yrs have passed and I have saved some money in cash, about 60,000. I am not working right now but I want to enroll that in a retirement plan with a financial company. My question is will they come after me for that money(bankruptcy) and 2) would I have a problem with IRS enrolling that amount of cash( saved it for the last ten yrs from previous jobs).
thank you,
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 2 years ago.
Hi and thanks for the question.1. No issue with the bankruptcy, anything you save after is yours to keep.2. You can enroll in a retirement plan. There are limits as to how much you can invest into an IRA/Roth IRA each year. Talk to the financial company and they can set it up for you properly.Thanks for your question. Good luck
Customer: replied 2 years ago.
Ok, Thanks. I did in fact go to a financial company and we were both worried bec the money was in cash which might be flagged by the IRS. so, is that something to worry about although I have all of my w2 forms from my work. I guess thats my question? would I have any problems with the IRS?
Expert:  Terry L. replied 2 years ago.
the IRS does not care if you saved up funds then decide to invest them. You will not throw up any red flags if that's what you are asking.
Customer: replied 2 years ago.
ok. to be specific, it will be a money to be invested in an asset for long term purposes, an investment advisor, not a 401k or an IRA. would that be ok?
Expert:  Terry L. replied 2 years ago.
that is just regular investment money, no worries, although you will pay tax on any gains, but that should be assumed.