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If laid off while in bankruptcy can you get your 401k to live on?
Wiki User
∙ 15y ago
Even without the BK this is a very bad move, with it a terrible one. The amount taken is penalized at 10% plus is taxable income...so you lose close to 50% of it. In BK this is one of the few things tht are exempt...that you can figure on having after the BK. Once you take it out it is no longer protected.
Wiki User
∙ 15y ago
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How can I get a 401k to help with retirement?
What you do is deposit money into the 401k during your entire working career. Then, when you retire, the money is there for you to live on (provided that you don't withdraw any money). Social security and any pension you get is not enough to live on in this economy. With the 401k, you can have extra funds when you aren't working.
DO you have to file in the city where you live?
DO YOU HAVE TO FILE BANKRUPTCY IN THE CITY YOU LIVE IN
Do you have to file in the city you live in?
DO YOU HAVE TO FILE BANKRUPTCY IN THE CITY YOU LIVE IN
Can you still rent during bankruptcy and losing home to foreclosure?
When you are declared as bankrupt you still have to live somewhere so yes you may still rent a property for yourself to live in but you are not permitted to own one .Actually you can rent and you can also own a home when you declare bankruptcy. Bankruptcy allows an individual or family a car, a place to live, utilities. You can even have TV and internet while in bankruptcy. Everything that one needs to live a normal life. You just can't have excess. Like money or vacations, recreational boats and stuff of that nature. You should do an internet search about bankruptcy and you will find out that it can help those who are really down and out.
What is a fidelity 401k used for?
A person will invest in a 401K in order to save for retirement. The social security that is available during retirement is often not enough for a person to live comfortably.
If you are not married but live with someone are they counted in the means test for bankruptcy?
When you are living with someone they are not included in your bankruptcy. If you are paying them rent, then the money you pay is an expense and will be considered for bankruptcy.
Do self-employed workers need a solo 401k?
Yes, if your self employed you are responsible for a retirement fund. If no 401k account is created, and you remain self employed you will only have what cash you have in the bank to live on.
What are 401k benefits and how do they work?
The benefits from 401k plans are for retirement. It is a load off peoples minds that they know when they retire, they will have enough money to live a comfortable lifestyle without relying only on social security.
What does complete bankruptcy mean?
bankruptcy means that you havent paid the morgadge and they take everything away, meaning you have to live on the streets did that answer ur question?
If I am in bankruptcy why are my property tax bills being sent to Homeselect settlement solutions?
That depends on the laws of the country in which you live and the bankruptcy arrangements that were made.
If you filed a chapter 13 in Texas and now live in Mississippi can you file a chapter 7?
Bankruptcy is Federal, not state. While your state of residence changes which federal district you are in, it does not change your eligibility to file.
After 10 years could you go back into bankruptcy?
Yes, after a bankruptcy has been discharged (a 10 year period if chapter 7 was filed), the possibility of filing bankruptcy again is open. If you live long enough, you can file several times. This gives new meaning to the phrase, "Live long and prosper."
