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Buying car

Posted on: 27th May, 2013 01:56 am
Will I be able to take out money from my 401k account in order to buy a car while I am in bankruptcy?
Hi Guest,

While you're in bankruptcy, you shouldn't even consider taking out money from your 401k account. Moreover, if you're not 59 and 1/2 years old, you will be liable for paying taxes and penalty for withdrawing money from that account.


Posted on: 27th May, 2013 03:24 am
Hi Guest!

Welcome to the fourms!

If you take out from the 401k account, then the bankruptcy trustee may use it to pay off your creditors. It will be better to wait till the bankruptcy filing gets discharged.

Feel free to ask if you've further queries.

Posted on: 27th May, 2013 09:14 pm
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