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Recent 401K questions

I asked you the question a while ago about the 401K / $44K

I asked you the question a while ago about the 401K / $44K check. As it turns out, the Debtor is NOT a 100% plan, her unexempt assets including the $44K check equals about $53K. If she pays $53K can they take away her cash? The unsecured debt is about $100K. Thank you in advance for your assistance.

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Maverick

Doctoral Degree

7,420 satisfied customers
Is a loan against a 401K considered a secured loan for

Is a loan against a 401K considered a secured loan for purposes of the means test that allows deductions of creditors listed in Schedule D.

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Terry L.

Partner

Doctoral Degree

2,928 satisfied customers
I have the following debts: 42,000 student loan (Feds)

I have the following debts:42,000 student loan (Feds)14,000 car loan12,000 signature loan26,000 credit cardsI've been unemployed 5 monthsAssets:22,000 in pension account600 in Series e savings bonds2000 in stock and bonds account3200 in 401k1000 cashI do receive 1,900 in unemployment benefits a month but that will run out in 2 monthsIs it as hopeless as I feel it is? Should I file for bancruptcy now?

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mmdesq

Attorney

Doctoral Degree

1,066 satisfied customers
If I file chapter 7 what does it cover and what is

if I file chapter 7 what does it cover and what is considered asset also can I take a loan on my car and not list it as a creditor, and what happens to my 401k?

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
I am 66 still working as an engineering contractor and

I am 66 still working as an engineering contractor and making very good money, however one or both of two events may occur which would leave me only with my wife's and my social security and $800 /mo in two small pensions. Our combined social security is 3600/month. We could pay our secured debt which consists of two cars and a mobile home out of this ok but not the payments on our unsecured debt. The events I mentioned are: at the end of december my contract assignment will be over( i had anticipated 2 more years, but business is down) and or my wife who has cancer has a checkup in december. If her cancer is back it is terminal I might not be able to get another contract job . I will look for work after this assignment ends but the market is down so no guarantees. I have about six month of expenses saved. Should i try to payoff one of my cars? What in general can i keep and what should i do in preparation. Also my zip is 77360. Are there any bankruptcy lawyers in this area?

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LawTalk

Attorney at Law

Juris Doctor

35,884 satisfied customers
My ex-wife has a student loan that she fails to make

Good afternoon,My ex-wife has a student loan that she fails to make payments on from time to time and I just so happen to be a co-signer. I have documents from the judge stating that she was responsible for the loan. However, I am still responsible to repay the federal student loan. Since she has had several late payments that I have had to also pay for, what is my best option for resolving this matter as she now has bad credit, can't find a new co-signer to remove me from the loan and I want this $32,000 loan @ 8.99%(v) loan to go away? I have enough money in my 401k to pay this amount off today but even if I get the legal documents written up, notarized and signed, will she be able to file for bankruptcy and no longer have to pay me? Please help, thanks..Dennis

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
If i file for bankruptcy and have no assets other than my

if i file for bankruptcy and have no assets other than my retirement and my car, will anything be taken from me? and how will it impact my credit? i've been told only a few months and also years.

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
Bankruptcy atty please. My mother died and I am going to

Bankruptcy atty please. My mother died and I am going to receive a disbursement from a family trust. I am also facing a chapter 11 in the near future. The disbursement is pretty large. If I have the disbursement go into an IRA or 401K and wait 120 days will the retirement account be protected ?

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LawTalk

Attorney at Law

Juris Doctor

35,884 satisfied customers
Bankruptcy & Retirement Fund Loan / PaymentsState is NJ.

Bankruptcy & Retirement Fund Loan / Payments.State is NJ. How bankruptcy treats retirement funds (401K, etc) loan and payments for this loan? Can payment be part of the mean test / a valid expense? Will this be a concern of the Trustee to notice how this loan was spent? If the loan is over a year old? I understand this loan is not discharged in either 7 /13 as this is loan and payment to oneself.

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DrakeLAW

Juris Doctorate

1,064 satisfied customers
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