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WE borrowed on your 401k to try and save your home because we believed it was something you were permitted to do. We never attempted to hide anything and turned it into trustee at meeting.?
Precious1
Well, taking a loan from your 401k IS something your permitted to do. It can be a great place to get a loan, as the nterest you pay is reasonable and when you pay it back it is generally to your own account. (And certainly, you had to advise everyone of the asset you had available). But the way and time you did it was apparantly a VERY bad move Precious! Your 401k was/is exempt from BK---or just about any other seizure. (Just like even with all the lawsuits he lost, them coming and taking his trophies, etc., OJ Simpson got to keep his multi-million $ retirement plans). Understand, your 401k still exists, it's now just collateral for a loan. But, the money you borrowed isn't exempt. Now you essentially lost that to the creditors and will have to repay the 401k loan, or not only lose the retirement account, you will have to pay the tax on it as taxable income.... AND pay the penalty for the early withdrawal. If you have a lawyer giving you advice, and he allowed you to do this without warning, you should consider suing him. If you don't have one, you darn well should have.
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