First [Archive] - Bankruptcy Forum

Regrets

01-21-2009, 03:01 PM

I am going to post here first, because I like being first at things. Chase asked me why I don't take a loan out against my husband's retirement account to pay my debt. I laughed. His retirement is exempt in our chapter 7. Why would I give them the only thing I have? They acted like I was keeping my lottery winnings from them or something.

Never_Again

01-22-2009, 01:39 AM

The biggest reason that they asked is because their job is to collect money in any way possible. Most people will not do something that is completely irrational unless they are responding emotionally. If they can get you to respond emotionally, they can get you to remove money from an exempt asset to get you to pay them.

Just like why would anyone not pay a mortgage and stay current on credit cards? Same reason. Ever notice the mortgage company won't call you nearly as often as some of the credit cards out there?

If you think that bankruptcy is your future, then by all means, do NOT touch the 401K.



	Bankruptcy Forum > After the Discharge > Retirement Planning > First PDA First Regrets 01-21-2009, 03:01 PM I am going to post here first, because I like being first at things. Chase asked me why I don't take a loan out against my husband's retirement account to pay my debt. I laughed. His retirement is exempt in our chapter 7. Why would I give them the only thing I have? They acted like I was keeping my lottery winnings from them or something. Never_Again 01-22-2009, 01:39 AM The biggest reason that they asked is because their job is to collect money in any way possible. Most people will not do something that is completely irrational unless they are responding emotionally. If they can get you to respond emotionally, they can get you to remove money from an exempt asset to get you to pay them. Just like why would anyone not pay a mortgage and stay current on credit cards? Same reason. Ever notice the mortgage company won't call you nearly as often as some of the credit cards out there? If you think that bankruptcy is your future, then by all means, do NOT touch the 401K.