Plan for BK 13 tomorrow. Need help

[Hope2009]

I plan for Bankruptcy Chapter 13 tomorrow. Here is my case

1) Credit Card debt: 60K

2) Stock margin debit: 52K

My gross income is around 110K a year. All of the credit card debt come from cash check few years back with few interest 1.9-3.9%. I have no problem paying back all the credit card debt within a few years with such low interest.

The problem is that I got hit by owning too much stock margin and with Lehman Brother bankruptcy, not only my saving is wiped out I own stock broker 52K in debit. I plan to take out my 401K to pay the debt but not much left since it also down by 50%

I have asked the stock broker for to delay the payment until sometime next year but they refuse and demain the payment right away

Income: Bring home 6K
Mortgage: 3K
Tax and inssurance: 1K

I have only 2K left a month for everything else including child care

I wonder if the debit from stock broker can be included in BK. If anyone have any idea please help

Thanks and happy holiday to all

[Hope2009]

Thank you BANKRUPTCYHELPS for your input

[Hope2009]

AND. . .

You definitely can include the debt that you owe the stock broker.

Thanks again for the link. Good information

[FranksMom]

Where's the posting from BankruptcyHelps? Was it deleted?

[Flamingo]

Where's the posting from BankruptcyHelps? Was it deleted?

Must have been a service trolling for business since the posting with link appears to have been removed.

[rrockinggramma]

however it does seem that the debit would be considered as unsecured debt. Too bad you would qualify for a chapter 7 cause that would be quicker

[Hope2009]

Thank you all for your help.

This BK thing just drain me emotionally. I wonder if I just cash out what left of my 401K to pay of the debt and move on.

Lehman Brother and WAMU executives took home millions of dollars then file BK and it seems so easy. While my debt is as the result of their action and the BK law may it so difficult on me. Where is the justice?

[abell165]

Same here. Got suckered into low interest CC check and invested in stock market with margin. Wiped out in 3 months !!!yikes

[woeisme]

Don't take money out of your 401K, that's a protected asset in BK, whether 7 or 13. throwing good money after bad. It's like when people take home equity loans to pay credit cards, turning unsecured debt into secured, only worse. There are tax penalties as well as just losing money that is set aside for your retirement years. I'd personally go BK first.

[Hope2009]

Thank you all for your input.

I forget to mentioned that I am married with three children. I will save the 401K for them in case something happen to me, so at least they have something to rely on.

I will see a BK lawyer this week

Happy holiday to all thanks

This is season of giving if we have anthing left

[AngelinaCatHub]

Thank you all for your help.

This BK thing just drain me emotionally. I wonder if I just cash out what left of my 401K to pay of the debt and move on.

Lehman Brother and WAMU executives took home millions of dollars then file BK and it seems so easy. While my debt is as the result of their action and the BK law may it so difficult on me. Where is the justice?

PLEASE DO NOT KILL YOUR 401K. It is protected and cannot be levied. PLEASE rethink this. If you are going bk, you are throwing your future away. Don't do what I did. 'Hub