Well, popping in with my $0.02 worth. Good thing I checked this forum. Have great new job, owe....Oh about $45,000 (Some of the debt is about 1-2 years old) but they have 401K which is good, but wondered if this would be allowed. Seeing it is not, I'll move towards getting records of all credit agencies and then a lawyer....
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I included my 401K deductions in my bankruptcy paperwork. I think the trustee would probably look at how long your were making these contributions. I've been contributing 3% for 2 years. Now if I hiked it up to 10% right before filing I'm sure they wouldn't go for it.Kari
10/12/2007 Filed Chapter 7
11/08/2007 341 Meeting 01/07/2008 Last Day for Objections
http://www.bankruptisnormal.com/ -
I pulled your post off the old thread and created a new thread, Deft.
As an FYI for you,......... When you want to ask a question or post a comment, create a new thread. Don't boot an old thread. Especially from early 2006. BK Law is dynamic and lots of things change. Sometimes rather quickly.
Depending on your Court, the Trustee you draw, the District you file in, you might be able to contribute to your 401K. Generally, modest contributions are acceptable. Like up to 5%.
If you're hoping to file Ch 7 and are counting 401K loan repayments to bring you under the Median,........ That might not happen. Especially if your loan repayments are high or you have multiple loans. The UST's Office tends to take a dim view of Debtor/Filers repaying themselves and not their Creditors.
Definitely address any 401K questions you may have with attnys in your area as you Consult around. BK attnys where you plan to file will be aware of your Court's stance on this issue.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...Comment
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Sorry sinking, I did only a search, but failed to look at date posted for the thread.
Thanks for the upcheck, does me good to get a gentle reminder
Regarding 401K...I feel that due to upcoming major OT (Heard about 60+ hrs per week) that due to getting tax records, that filing best be left till this time next year.
Not worried as the creditors seem to have stopped for now bothering me....Other issues have also raised their heads, so it whack a mole time again....:PComment
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