chapter 13 and 401k withdrawal

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Latest post 10-10-2007 7:53 PM by updog23. 2 replies.
  • 10-10-2007 5:23 PM

    Question [=?] chapter 13 and 401k withdrawal

    I have 6 payments left on my chapter 13 repayment plan. I am going to be going to a new job. and the question I have is. my 401k that I currently have with my old company. can I take a partial dispersal to help pay for moving expenses, etc... and most importantly to pay off my chapter 13 balance, and be discharged or if I take out a portion of my 401k, will I have to give that up to my repayment plan? any help would be greatly appreciated! I have not been able to see any info while looking.
  • 10-10-2007 6:49 PM In reply to

    re: chapter 13 and 401k withdrawal

    These kinds of questions are generally answered by local practice. My expectation would be that you could pay off the plan from a withdrawal, but some trustees refuse to permit early payment.

    Ask your attorney about attitudes in your district.

    Cathy Moran
  • 10-10-2007 7:53 PM In reply to

    re: chapter 13 and 401k withdrawal

    Ok, thanks for your help. My trustee did mention that I could pay it off early. but I wasn't sure if it would be considered extra income in which they would want to up my monthly payment. I will contact them to find out for sure. again thanks for replying.
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