Hello everyone,
I've got a dilemma and I need some help/advice. My work doesn't provide a 401(K) for it's employees, but we do have a profit sharing plan. The plan is not qualified by the IRS. I have been in my Chapter 13 for 24 months and have 36 months to go. In December of 2008, I have to declare whether I plan to leave my $ in the plan. The distribution, if I elect to receive my $, will be in December 2009. If I do nothing, the plan is set up to automatically distribute my $, i.e., I have to elect to leave the $ in. The amt. is around
13K right now, but could go up. It won't be enough to pay off my BK, but it would put a serious dent in it. My next opportunity to take any money out won't come again for another 5 years, the owner isn't in the best of health, etc. In other words, this may be my only shot at getting this $.
I have nothing saved for my retirement right now. I spent everything I had saved up after my husband lost his job in 2001. I would like to put this $ in a 401K when the time comes, but will the trustee let me do that?
Any advice is greatly appreciated!!
I've got a dilemma and I need some help/advice. My work doesn't provide a 401(K) for it's employees, but we do have a profit sharing plan. The plan is not qualified by the IRS. I have been in my Chapter 13 for 24 months and have 36 months to go. In December of 2008, I have to declare whether I plan to leave my $ in the plan. The distribution, if I elect to receive my $, will be in December 2009. If I do nothing, the plan is set up to automatically distribute my $, i.e., I have to elect to leave the $ in. The amt. is around
13K right now, but could go up. It won't be enough to pay off my BK, but it would put a serious dent in it. My next opportunity to take any money out won't come again for another 5 years, the owner isn't in the best of health, etc. In other words, this may be my only shot at getting this $.
I have nothing saved for my retirement right now. I spent everything I had saved up after my husband lost his job in 2001. I would like to put this $ in a 401K when the time comes, but will the trustee let me do that?
Any advice is greatly appreciated!!
