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

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Dipping into retirement during Ch 13

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  • Dipping into retirement during Ch 13

    We are in the middle of a Ch 13 with 22 mos to go. We are BROKE (5 kids have never ending needs and horrible insurance/medical bills!) and at the lowest limit of our possible payback amount so adjusting that is not an option.

    My daughter needs dental surgery which will cost us a couple thousand dollars. We are not able to save anything and our lawyer said there's no way to get the plan put on hold for a month or so so we can afford the surgery, I feel so frustrated.

    I have retirement funds which I could access in order to pay for the surgery and maybe a home repair or two which we desperately need. Would taking out that money cause our plan payment to change or have a negative affect on this process? I realize retirement funds should never be touched but we are truly desperate and it seems we have no other options? Thanks for any advice!

  • #2
    Would you be taking this from a 401K plan or equivalent? If so, you would be paying yourself back not the plan. It's not the best thing but I understand the "Now" need. The question is can you afford the payment to pay the loan and your plan payment?
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16


    • #3
      Thanks for your response!

      It is state teacher retirement funds so there would not be a payback. It's taxed off the top and dispersed.


      • #4 might need to ask your attorney a "just checking" question. If you are taking a withdrawal that's not being paid back, you're trustee might want a cut of it.
        Hopefully one of the moderators will respond to this also.
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16


        • #5
          Or if u dont have to show taxes you might not have to. Just thinking out loud. Also dentists take payments. You could maybe get that ok'd. I know its tight, I get it. Its probably really tight with 5 kids!!!
          Discharge date: October 2017 (will it ever get here?)


          • #6
            So sorry that you are having to go through this - I wish I could offer something besides supportive words, but my husband and I are still awaiting a second confirmation hearing after almost 3 months and 3 payments. We too have some really substantial monthly medical bills (nothing like $2000 at once!) and vet bills for our kittens (not children ,but the only babies we have). If the trustee allows our confirmation in August, we are expecting a rough 5 years ahead, with increased medical costs,etc. This whole Chapter 13 is merciless enough to begin with, but with 5 children , it has to be totally pitiless! The idea of no MDI is like forcing the debtor through a second bankruptcy even as you are made to turn over practically every cent to heartless banks. How could you save?
            I think dmc has a really good idea - try to find another dentist if possible to work on your daughter's teeth , one who will let you make monthly payments. This sounds like an emergency which needs attending to, not something you can save up for!
            Best of luck and I hope you can find a way forward!


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