Can i take a 401k loan after filiing chapter 13

I believe you must get permission from the court for any financial matters you conduct while you’re in a Chapter 13. You could check with your lawyer or perhaps…

Before a Chapter 13 bankruptcy is filed, and while it is in progress, legal experts advise debtors not to borrow money from their 401K retirement plan. Not only is borrowing against a retirement fund a costly financial move, but it has serious legal ramifications if done while in Chapter 13, which requires that debtors agree to pay back creditors for three to five years.

Can I take a loan on my 401k if I filed chapter 13? |

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If you have an existing 401(k) loan, you can take another 401(k) loan at any time based on the highest outstanding balance in the previous 12 months. However, if you have exhausted your 401(k) loan limit, you must wait until the lapse of the 12-month rolling period to take a second loan. For example, if you took the loan in December, you must wait until the …

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