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  1. #1

    Default Chapter 13 And 401k Money

    My question involves bankruptcy in the state of: NY

    My question is this: I filed for Chapter 13 a month ago and I would like to get money from my 401k. It is not a loan because I will not have to pay it back. I just have to send them a proof of hardship and they will give me about 60% of my 401K without having to pay it back. Can I do that? Do I have to get permission from the trustee?
    Also, my lawyer told me that I had to stop contributing to my 401k plan because it is money being taken out from money that could have gone to the creditors. Is that true?

    Thanks.

  2. #2
    Join Date
    Apr 2007
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    Il.(near StL,Mo.)
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    Default Re: Chapter 13 And 401k Money

    You should tell your lawyer of your wish to take money from your 401k - the trustee will probably have to be notified. Also, if your lawyer told you to stop contributing to your 401k, you should do so.
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