What does insolvancy mean?
This is a discussion on What does insolvancy mean? within the Mortgages, Refinancing, Foreclosure forum, part of the Buying & Selling Property category; Hello, I was just released from chapter 7 bankruptcy,the trustee saved my 401k/IRA. I have 7 investment properties that the ...
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May 19th, 2008, 01:31 PM
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What does insolvancy mean?
Hello,
I was just released from chapter 7 bankruptcy,the trustee saved my 401k/IRA. I have 7 investment properties that the trustee had to abonden due to todays market and i now understand the mortgage companys will just start foreclosure process on me. In order for me to withdraw funds from my 401k/IRA i have to fill out this form. My question is it asks if there are proceedings in bankruptcy or insolvancy "voluntary or involuntary". What does this mean? I have been discharged from chapter 7 and this money was not used as collateral on anything. Does this mean i cant withdraw funds from my 401k/IRA? Thank You |
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May 20th, 2008, 08:34 AM
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Re: What does insolvancy mean?
"voluntary or involuntary".
It means proceedings that either you filed-- or that creditors filed and forced you into bankruptcy |
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