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Send message to msstyxs
Sub: #1 IRA and 401K money to pay off debt?
Replied on 01-08-2008, 07:45 AM
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If you have money in an IRA or 401K, are you required to use that money to pay off your debt before you can get help?



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Send message to volleyballmom
Sub: #2
Replied on 01-08-2008, 08:09 AM
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Hi there...what kind of help?

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Send message to jb2007
Sub: #3
Replied on 01-08-2008, 08:12 AM
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Usually no, if you have money in retirement accounts this money is usually protected by the gov't and creditors can take this. If you do need some help with your debts, you can take the free consultation this site offers. They will review your debts and refer you to someone in your area that can assist you with coming up with a plan to pay off your debts. You can also call them at 800-601-1579




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Send message to volleyballmom
Sub: #4
Replied on 01-08-2008, 09:03 AM
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Quote:
and creditors can take this.


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Sub: #5
Replied on 01-08-2008, 09:51 AM
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Sorry - should be creditors CAN'T take this.



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Send message to DebtCruncher
Sub: #6
Replied on 01-08-2008, 05:27 PM
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Your IRA-401K is solely meant for your retirment; therefore creditors cannot touch it even if they get a judgment.

My advice would be NEVER use your IRA-401K to pay off debts. You may think it will help you get out of a jam now, but in the long run that money won't be there when you retire -- when you need it most.




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