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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2670
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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My wife and I have decided to file for divorce a couple of

Customer Question

My wife and I have decided to file for divorce a couple of months ago. We are currently in chapter 13, not realizing I should get approval first, I borrowed money from myself via 401K to take care of car repairs and to prepare for moving out of the house. Have I made a grave mistake borrowing from my 401K without getting approval first. Will my case automatically be dismissed and we just screwed ourselves? We are current with our trustee payments, the added expense is only $40/month paying on my 401k loan. How does the court see pre-divorce activities while in chapter 13? Unfortunately, we feel like we had no other choice since we no longer can live under the same roof.
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 7 years ago.
Hello,

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Customer: replied 7 years ago.
Yes
Expert:  Ellen replied 7 years ago.
I see that you have already received an answer for this question.
http://www.justanswer.com/questions/3yj0h-hi-can-you-help-me-understand-401k-vs-bankruptcy-at-the