Car situation

[nulifeahead]

I hope someone can help! I am about 30 days from discharge and we need a new car. we turned in our lease after we had the stay lifted. I have a small amount of money in an old 401k form an old job I was wondering if I can cash that out with checking with trustee? I know i will be taxed on it but we hoping to use that toward a "new" used car. Anyone think I will have problems? We are also pretty sure my husbands credit union will give us a loan before discharge, crossing fingers. I apoligize if this info i in another thread but I could not find anything related if you know of a good thread please let me know I would love to read it....Thanks for everyone's help this forum has been so helpful to go through these last few months!!

[nerves]

I recommend you discuss with your attorney. We are in a similar situation where we need to fnd financing before the stay is lifted to keep our vehicle. Our legal advisor advised we can try finding the financing now, but each state/situation may be different. We aren't cashing out any retirement funds, but I would think that since you have had your 341 meeting and this is an exempt asset you probably could cash it out before discharge. Good luck to you,

[AngelinaCatHub]

No, not at all. You are stealing from yourself and you will NEVER repay the loan and the hit in penalties makes CC percentage look like a bargain.

There is a glut of used cars on the market. You have Internet, Craigs list. If you drive (walk) around your area, you will find nice cars at low prices. What do you think is going on in our Country? People are selling everything just to survive.

We are driving an ex-police car we got at auction for $800 bucks. Put $300 into it for tires battery, tune up and oil. FOUR YEARS AGO. Gets 28 MPG. What do you want? STUFF that got you here, or basic transportation until things get better?

THINK this one over. 'Hub