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Can you take a withdrawal from 401k while in chapter 13. We

 
John A. Flynn, Esq.'s Avatar
  • Answered by:John A. Flynn, Esq.
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Can you take a withdrawal from 401k while in chapter 13. We have one year left in a 5 year plan. Everything with our attorney and trustee has been a problem so far.

 

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State/Country relating to question: North Carolina

Submitted: 339 days and 20 hours ago.
Category: Bankruptcy Law
Value: $15
Status: CLOSED

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Expert:  John A. Flynn, Esq. replied 339 days and 20 hours ago.

Assuming you fully exempted the 401(k) and you aren't borrowing money, that should not be a problem at all. It's your asset and you're simply converting it from being in the 401(k) to cash.

Expert TypeAttorney
Category: Bankruptcy Law
Pos. Feedback: 95.8 %
Accepts: 58
Answered: 6/4/2012

Experience: 12 Years Experience in Bankruptcy - Mid-South Super Lawyer

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