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401k Loan post confirmation of 0% plan
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Please review 364. See if your situation is an exception to the rule. If
not, then you need a motion.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Nikki
Sent: Tuesday, August 17, 2010 10:18 AM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] 401k Loan post confirmation of 0% plan
Good Morning,
Could someone shed some light on the following situation please?
Confirmed Chapter 13 debtor wants to get a $25,000 401k loan post
confirmation, in a 60 month 0% plan? Prior to filing, she was contributing
to the 401k and it was deducted from her paycheck and a valid expense; if
she is permitted to take out a 401k loan now, she will stop contributing and
will instead pay the same amount toward paying back the 401k loan IE no
change to her monthly budget. Any ideas if this is allowed since she is
technically "borrowing from herself" or would I need a motion to incur debt
for this?
Thank you,
Nikki Hashemi
818-377-7477
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Message
Please review 364.
See if your situation is an exception to the rule. If not, then you need a
motion.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
Good Morning,
Could someone shed some light on the following situation please?
Confirmed Chapter 13 debtor wants to get a $25,000 401k loan post confirmation, in a 60 month 0% plan? Prior to filing, she was contributing to the 401k and it was deducted from her paycheck and a valid expense; if she is permitted to take out a 401k loan now, she will stop contributing and will instead pay the same amount toward paying back the 401k loan IE no change to her monthly budget. Any ideas if this is allowed since she is technically "borrowing from herself" or would I need a motion to incur debt for this?
Thank you,
Nikki Hashemi
818-377-7477
The post was migrated from Yahoo.