dispersement from 401K
Date: Thu, 03/24/2011 - 20:11
We filed for chapter 13 and are only left $500 to live on after all the payments are made. We have sold what valuables we had and have depleted all our savings (universal life/401K loan). In order to make our mortgage I am contemplating taking money out of my 401K. I am aware of the tax liability as I don't see any other way? What are the drawbacks?
Thank you
Thank you
As you're in your bankruptcy filing, you should take prior permi
As you're in your bankruptcy filing, you should take prior permission from your bankruptcy attorney and trustee and then take out a loan from your 401k account.
Sounds like you need to be talking you your attorney/trustee if
Sounds like you need to be talking you your attorney/trustee if they are not leaving you enough money to pay your basic bills. Or maybe look at converting to a chapter 7?
