Posted on: 07th Feb, 2009 11:31 am
The company that I originally worked for shut down due to the lousy economy. However, the new owner has re-hired me but does not offer any type of retirement plan. I want to cash out my 401K but am getting ready to file Chapter 13. Would that be legal? Would the Trustee need to be involved? I live in Missouri if that makes a difference. I know that it is never a good idea to do this but I need to fix my car and have no other options other than acquring more debt which I don't want to do.Thanks for any input.
hi accord05rocks,
as far as bankruptcy is involved, it will be better if you involve a trustee in this case. i don't think it will be good option to take a loan from your 401k account just before filing bankruptcy. you can speak to your bankruptcy attorney in this regard before taking any decision.
thanks.
as far as bankruptcy is involved, it will be better if you involve a trustee in this case. i don't think it will be good option to take a loan from your 401k account just before filing bankruptcy. you can speak to your bankruptcy attorney in this regard before taking any decision.
thanks.