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I am a year into my Chapter 13 Bankrupcy and took a hardship

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withdrawl because of not keeping...
I am a year into my Chapter 13 Bankrupcy and took a hardship withdrawl because of not keeping up with my Mortgage-I know now this was not the right thing to do but had no options-Whats the worst thing that can happen?.Thanks you-Please help Me
Submitted: 7 years ago.Category: Bankruptcy Law
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3/5/2010
Bankruptcy Lawyer: socrateaser, Attorney replied 7 years ago
socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39,346
Experience: Attorney and Real Estate Broker -- Retired (mostly)
Verified

Nothing will happen. A 401(k) withdrawal is not income -- you are simply transferring some of your assets from one account to another. So, the bankruptcy trustee has no legal ground to move to modify the plan.

 

Hope this helps.

 

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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39,346
Experience: Attorney and Real Estate Broker -- Retired (mostly)
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