Legal Question in Bankruptcy in Indiana
Profit Sharing
I filed Ch 7 in Nov. '03. My lawyer was aware of the profit sharing in a group account with a previous employer of about $28,000.00. Before I filed, he said to just roll it over into a IRA. Well, the forms didn't go to where the were suppose to go and the money is still in there. Is this bad? Can I still roll it over? Can I rollover a portion? Should I leave it alone for awhile?
Asked on 4/05/04, 5:39 pm
1 Answer from Attorneys
Mary Ann Wunder
Wunder & Wunder
Re: Profit Sharing
Go ahead and get it rolled over. That way the money stays exempt. Whether it stays with the old employer or goes into a new IRA, it is exempt, which is the important issue.
Answered on 4/06/04, 9:54 am
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