Can chapter 13 take my 401k

It would be best not to take a withdrawal from your 401K until after the bankruptcy case is over. The approximate 38% of taxes and early withdrawal fees should be prohibitive enough until you reach retirement age. The monies in the 401K are exempt from the claims of creditors, and in a chapter 7 case I would strongly advise that there should be …

Taking a 401K loan during a ch 13 is rarely a good idea. You should review your needs with your attorney to see if there are alternative ways to meet your needs. There are too many possibilities to begin to make suggestions without knowing all of your circumstances and budget numbers. Good luck.

Can I Take Out A 401(k) Loan After Filing Chapter 13 Bankruptcy?

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To obtain a loan from your 401 (k) while in a Chapter 13 bankruptcy you must get the court’s permission. Your bankruptcy lawyer can do so by filing a Motion to Incur Debt. You would have to appear in front of the judge to get the judge’s permission. The judge will usually grant permission to pull from your 401 (k) loan if you can provide a … Discuss Your Legal Issue Ask a Lawyer Bankruptcy Can I take out money from my 401k while in chapter 13? QUESTION. Can I take out money from my 401k while in chapter 13? Asked on Feb 26th, 2016 on Bankruptcy – Ohio More details to this question: I am 62 1/2 years old. I would be using the money for a car.

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