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Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 31770
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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my husband and I are filing chapter 13 in tallahassee fl.Iwant

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my husband and I are filing chapter 13 in tallahassee fl.Iwant to know if I can cash in my 401k.Its only 13000.00 and I"m out of work and we need the money to help pay rent the bank has already forclose on the house and has auction it off. Will I get in trouble if I cash this in?After taxes ,penalty"s and fee"s Imight get maybe 7000.00
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 7 years ago.
The money is safe from creditors and bankruptcy while in the 401k. However, if you cash it out, the funds become available to the creditors. You will be exposing the cash to creditors.
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Customer: replied 7 years ago.
how would the creditors know because the money would be use for rent?
Expert:  Roger replied 7 years ago.
I can't say that they would know for sure, but if they find out, it will be like sharks to a bleeding dolphin!