401k loan repayments

[kylinava]

Anybody have any experience in 401k loan repayments in arizona? DH pays about $265 a month to 2 loans.If we can NOT claim it on the means test, that puts us about 300 a mo over. It comes directly out of his paycheck, and the only way to stop it is to repay one lump (impossible) or to quit. Isnt it redundant to have us convert to 13 where we would have double the payment, and no "relief". We cant afford where we are, how are we going to afford more. Oh yeah...pro se also, so no atty to advise. hehe, cant afford that either

[CATCHMEIFYOUCAN]

401k loan repayment

Well I'm in the State of Va. and 401k was exempt, even my monthly payments that automatically came out of paycheck. I had about that same amount coming out of my paychecks but also an additional $400 towards the savings plan itself, so the Trustee couldn't touch the $600 total going towards the plan. Its an exempt expense in most states, maybe not the additional $400 but certainly the expense automatically coming out of your check? Did you check with your lawyer?

Best to you, Catchmeifyoucan

[kylinava]

I only hope that our Trustee is so generous. That is the only amount going to the 401k, however, if they wont allow it counted as expense in the means test then we will be paying double, to the 401k AND to the chapter 13 plan. Impossible

[FreshLikeADaisy]

Kylinava, I am pro se too, good luck to you!!!

Don't forget that many bk atty consults are free. You can go to several and ask all your questions without announcing that you have no intention of hiring them. So as you gather all your questions, keep that in mind so you can run them by an atty *before* you file. If you've been reading the books and studying bk, you'll be able to get enough info to know how to use the atty's answers in your filing, because you'll already be familiar with all the forms and what the trustees are looking for. Good luck!!!