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If a bank declares bankruptcy does a 401k loan still need to be paid?
Wiki User
∙ 14y ago
Yes...absolutely...any loan from a bank...or anyone that declares BK is, if anything, more due! The others BK in no way changes YOUR obligation to pay...his BK may allow him to not pay some of his debts....it doesn't relieve any of yours. In fact, as your debt is now an asset of his that is going to be used/applied to his creditors to pay what he owes, the collection efforts will increase if anything...and have the backing of the US Bankruptcy Court and judges/lawyers, wanting to get the money to pay the creditors.
Wiki User
∙ 14y ago
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If a bank declares bankruptcy how is a loan protected?
Someone will buy the loan from the bank. Unfortunately, they don't just go away.
If you have a personal bank loan can you still file for bankruptcy?
Of course.
What is the government bank?
A Government Bank is a bank that is fully owned by the ruling government of the country. It means that the government of the nation is the sole owning authority of the bank and it governs the functioning of the bank. Even if the bank declares bankruptcy the government holds the responsibility of returning all the money that was deposited by the customers.
What happens if your bank goes to bankruptcy and you owe money to them?
You still owe money.
How long will bankruptcy prevent a foreclosure?
Bankruptcy will prevent a foreclosure but you still have to reaffirm the loan and begin paying or the bank will repossess your house regardless of bankruptcy. Bankruptcy temporarily halts the process for up to a couple months.
What is Bank of America's bankruptcy department mailing address?
If you have got into too much debt and cannot pay the money you still owe you may consider filing for bankruptcy. The Bank for America address for bankruptcy is, Bank of America, Attn: Bankruptcy Department, 475 Crossy Point Pkwy, PO Box 9000, Getzville, NY 14068-9000.
If your loan was approved by chapter 7 bankruptcy can the bank still deduct from your checking account?
Not enough information is disclosed about the situation in order to answer. If you have an attorney assisting you in your bankruptcy ask them.
Is fidelity 401k the only 401k out there?
Fidelty 401k is not the only one out there. Your local bank would be happy to set up a 401k for you, as well as the investment companies such as Charles Schwab and Scott Trade.
Is there a law that states that if a tenant is renting a home and the landlord declares bankruptcy and is abandoning the property to the mortgagee then the tenants can make payments to the bank?
There's no law that says the bank has to take the tenant's money. However, the Federal Protection of Tenants in Foreclosure Act requires the bank to give tenants 90 days to vacate.
What do you do when your cosigner declares bankruptcy and the bank wants to repo your car which you have kept current?
You pay the loan off in some way or make a large enough payment so you meet the banks guidelines for a loan on your own CR.
What are the definition of economic influence?
Economic influence is the effect that an event, policy, or market trend will have on economic factors. These economic factors include interest rates, consumer confidence, and the stock market. For example, a bank that declares bankruptcy will affect consumer confidence and stock prices related to that bank.
What happens to your husbands 401K if company no longer is in business?
You have to rollover the 401k to an IRA (individual retirement account). You can typically do this with the bank providing the 401k. If not, you can have the bank transfer funds directly to the new bank where you setup the IRA.The final option is having the 401k bank send you a check in the mail, and you have 60 days to transfer this money into an IRA without penalties. They will withhold taxes from this check, but you can get 100% of the taxes back when filing your annual tax return.
