I have a loan from a local bank with a balance of approx. $15000 left. It was secured by a 1995 Pontiac Grand Am and a 401k account. I left the employer that I had the 401k with approx 9 months ago and they sent me the money in the account. Now all I have is the Grand Am with a $15000 loan. I plan on reaffirming the loan, will I be in troble for spending the 401k account?
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How can a loan be secured with a 401K ? -
It wasn't a car loan, it was a personal loan secured by a car and a 401k.Comment
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any suggestions?Comment
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Ky, the reason you aren't getting responses is that our members (and I) don't know if it's ok to spend your 401K money or not.Originally posted by kyboy View Post
Is the car's current value enough to cover the current total of the loan?I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
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