moni33
02-04-2005, 05:20 PM
Hi
I filed for bankruptcy on December 23 after receiving a large garnishment of my check which was the only check I had to spare for Christmas. I got over that hump and was ready to go to court. Two days before my meeting of the creditors my employers announced they were outsourcing our jobs on February 25th. I make 17.00 and was offered a job with the company the work is being outsourced to for 12.00 per hour for the first two months of training and then no guaranteed salary except for a line per line basis ( I am a medical transcriptionist). They are offering 7 cents per line for our work provided there is 97% to 100% quality which can be subjective and deductions can be taken from our pay for anything below 97%. Needless to say, I have refused the job. I am eligible for 6-1/2 months of unemployment at 390.00 per week. I do not think I will be able to find anything comparable in my field since most hospitals in my neck of the woods have outsourced their transcription departments. My question is this. I have a 401K and a 403B. Should I not be able to find anything comparable and my unemployment runs out or if for some reason the unemployment is not approved, can I cash out my 401k and 403B and uses those funds to survive on until I can get on my feet without the court seeing it as a windfall? I would like to go to school and retrain for another field since things are not going so well in my profession. I know I will be paying a penalty for cashing it out but does the court have the right to take those funds after the bankruptcy has been discharged in 60 to 90 days. I need to live and having this money will help me function until I get on my feet. In all I say about 12,000 is what I would be getting if I were to cash it out. What should I do??? :confused:
I filed for bankruptcy on December 23 after receiving a large garnishment of my check which was the only check I had to spare for Christmas. I got over that hump and was ready to go to court. Two days before my meeting of the creditors my employers announced they were outsourcing our jobs on February 25th. I make 17.00 and was offered a job with the company the work is being outsourced to for 12.00 per hour for the first two months of training and then no guaranteed salary except for a line per line basis ( I am a medical transcriptionist). They are offering 7 cents per line for our work provided there is 97% to 100% quality which can be subjective and deductions can be taken from our pay for anything below 97%. Needless to say, I have refused the job. I am eligible for 6-1/2 months of unemployment at 390.00 per week. I do not think I will be able to find anything comparable in my field since most hospitals in my neck of the woods have outsourced their transcription departments. My question is this. I have a 401K and a 403B. Should I not be able to find anything comparable and my unemployment runs out or if for some reason the unemployment is not approved, can I cash out my 401k and 403B and uses those funds to survive on until I can get on my feet without the court seeing it as a windfall? I would like to go to school and retrain for another field since things are not going so well in my profession. I know I will be paying a penalty for cashing it out but does the court have the right to take those funds after the bankruptcy has been discharged in 60 to 90 days. I need to live and having this money will help me function until I get on my feet. In all I say about 12,000 is what I would be getting if I were to cash it out. What should I do??? :confused: