Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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  • First

    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.

  • #2
    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.
    Filed 8/08 - Discharged 11/08! Not tracking FICO.
    Pre-Bankruptcy Net Worth: -$72,000... Today's net worth: $142,000.
    If your FICO score just went higher than your net worth, and you are happy about this, you might have a financial problem!


    • #3
      Actually, these days, with folks upside down in their homes, it can be easier to discharge the home mortgage than the credit card debt -- and, if you can keep the credit cards current, you are avoiding paying their ridiculously high interest rates. So, at least since BAPCPA, it might actually make sense to pay your CC currently and submarine the mortgage.... which, at least in my opinion, is one of the reasons the subprime mortgage industry has been seeing higher default rates.

      To the original poster -- you are quite correct and you should never convert exempt monies to non-exempt monies to buy time. That retirement money maybe the collectors "pot of gold" but that is no reason to give it to them. Unfortunately, enough people out there do not know their rights and agree to such a suggestion -- even when it results in them realizing taxable income in a year where they may not have the resources to pay it.
      The opinions above are not and should not be considered legal advice or establish an attorney/client relationship. In addition, I have no knowledge of any confidential facts, am not a debt relief agency, and probably don't have the right to practice in your jurisdiction anyway ... so, please talk to your own attorney.


      • #4
        Originally posted by MarkM View Post
        Actually, these days, with folks upside down in their homes, it can be easier to discharge the home mortgage than the credit card debt -- and, if you can keep the credit cards current, you are avoiding paying their ridiculously high interest rates. So, at least since BAPCPA, it might actually make sense to pay your CC currently and submarine the mortgage.... which, at least in my opinion, is one of the reasons the subprime mortgage industry has been seeing higher default rates.
        Uh, I had no problem at all discharging both my mortgage and credit card debt.

        In fact, credit card debt is easily dischargeable provided there are no red flags, such as charging a luxury purchase within 90 days of filing.

        It simply doesn't make sense to keep paying a debt that you will be able to have discharged. Pay the debts that can't be discharged, such as student loans and taxes.


        • #5
          I don't like use credit card, the interest is very hight


          • #6
            Yeah. I had a collector ask me if I could borrow money from family to pay them off. Yeah right.

            Because I can't afford to pay you, you want me to shift the debt to my family and then not be able to pay them! You are in the business of taking the risk, they are not. You charge these high interest rates to compensate you for taking the risk.
            Filed Pro Se on 8/4/11 (No Asset, Chapter 7)
            Redeemed Automobile ProSe (722 Redemption),Discharged on 11/3/11


            • #7
              We borrowed from our 401k to pay other debts. Huge mistake. It wasn't the only stupid thing we did. We also skimped on life insurance for the breadwinner, healthcare coverage, and a host of other things more important than a fico score. Glad you're smarter than we were.
              There are two secrets for success in life:
              1.) Never tell everything you know.


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