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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2668
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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I defaulted on a loan that I took out against my retirement

Customer Question

I defaulted on a loan that I took out against my retirement annunity in 1989. I have taken two loans since and payed them back in full. President Bush passed a law stating that if a person EVER defaulted on a loan that person could never take out another loan from their retirement account. I was trying to find a loophole or execption. Please help me.
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.


Thank you for your question. I am happy to assist you.

Please give me the name of the law that you are referring to - I cannot find any reference to it in the tax codes or otherwise.