QUESTION
I have been discharge on chapter 7, laid off from job and has house payment but I do have CERF SAVINGS PLAN CAN I use it?
Asked on Nov 05th, 2012 on Bankruptcy - Arizona
5 ANSWERS
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
In NJ, if discharged, yes.
Answered on Jul 07th, 2013 at 11:56 PM
Daniel James Wilson
Your question is not completely clear. Your assets are part of the BK estate until the case closes, which usually follows discharge fairly quickly. Did you list the account in Schedule B? Is it an exempt asset? If you claimed an exemption and the trustee did not object you are probably OK using it. Good luck.
Answered on Nov 08th, 2012 at 3:04 AM
If you are referring to a CERF retirement account, as long as the program allows you to make withdrawals, and as long as you declared this account as exempt in your Chapter 7 bankruptcy, you may withdraw and use the money in the account as you please. But remember, anytime you withdraw from a retirement account, there will be tax ramifications.
Answered on Nov 08th, 2012 at 2:47 AM
This is not a bankruptcy question. Your discharge closed the bankruptcy (assuming you have received the closure of case notice). Contact CREF, it will depend on your contract with them.
Answered on Nov 08th, 2012 at 2:35 AM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
You need to check to see if the trustee has closed the case. If so, then the trustee abandoned all non-exempt property. I hope this helps.
Answered on Nov 07th, 2012 at 2:08 PM