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In bankruptcy can they take your 401K or IRA?
No
How do you take a loan out of your 401k?
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Who collects interest when you take a loan from 401K plan?
You do.
How do you take a loan from your 401k?
Ask your Plan Administrator for the necessary forms.
Do you have to pay taxes on a 401k if you take the money and pay a student loan?
hi
What are Home Depot 401k loan guidelines?
upon paying off an existing loan how long before you may take out new loan
Can you take money out of your 401k after you file bankruptcy?
Yes, but not until your discharge. If you take money out of a 401K after you file and before discharge, the money is no longer exempt and could be taken by the Trustee. If you take it out after your discharge the money is yours.
What if happens if you cosigned for car loan and the borrower files for bankruptcy?
if the consigner files bankruptcy can the borrower take the car
Will the same bank used in bankruptcy issue a persoanal loan?
While you are a bankrupt you can not legally take out a personal loan. Further before issuing you with a loan (even after your bankruptcy has cleared) all banks will perform credit checks and they will probably refuse you credit (the loan) on the basis of your history.
File a chapter 7 but owe the credit unoin can the still take your pension?
No one can take your qualified pension. However if you took a loan against it, and you don't pay back the loan, the pension/401k is lost. Moreover, it is considered a withdrawal (if it is a 401k) and you get hit with early withdrawal penalty and the tax on the income too.
Can you take a loan on your 401k right before you file chapter 13?
Don't do it, don't do it, don't do it!Your 401k is exempt from seizure under virtually all circumstances...including bankruptcy. (Example...OJ Simpson, owed a lot to the browns after the won the wrongful death suit....they could take his Heisman trophy, his cars, his future income from autograph signings, etc, etc....and did and continue to. As a judgement, he can't even escape it through BK. But, they can not touch his multi million dollar 401k.)if you take a loan against it, the money is no longer protected...it can and will be taken by creditors...given the opportunity....and you in serious financial problems now...so it's possible that would come about). Then your left with a loan to pay off, that uses up your 401k....and nothing else. Well, you'll have a big new tax bill and debt, because not paying back the loan of the 401k is the same as withdrawing it...so you pay a penalty and everything becomes income!Don't do it, Don't do it, Don't do it!
If you are turning a leased vehicle in as part of a Chapter 13 bankruptcy can you borrow from a 401k to purchase new vehicle?
NEWS ALERT: YOUR IN BANKRUPTCY...YOU HAVE TROUBLE HANDLING FINANCES, You have more debt than you can handle...COMMON SENSE: BORROWING MORE TO GET OUT OF DEBT DOESN'T WORK!Don't do it, don't do it, don't do it!Your 401k is exempt from seizure under virtually all circumstances...including bankruptcy. (Example...OJ Simpson, owed a lot to the browns after the won the wrongful death suit....they could take his Heisman trophy, his cars, his future income from autograph signings, etc, etc....and did and continue to. As a judgement, he can't even escape it through BK. But, they can not touch his multi million dollar 401k.)If you take a loan against the 401k, the money (or the car) is no longer protected...it can and will be taken by creditors...given the opportunity....and since your already in serious financial problems now...so it's highly possible that can come about. Then your left with a loan to pay off, that uses up your 401k....and nothing else. Well, you'll have a big new tax bill and debt, because not paying back the loan of the 401k is the same as withdrawing it...so you pay a penalty and everything becomes income!Don't do it, Don't do it, Don't do it!Read the News Alert Again: Making a new debt can only make your problems worse.
