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Old 07-20-2004, 05:52 PM
Juanita
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401k aND BANKRUPTCY

BANKRUPTCY AND 401KWhat is the name of your state?gEORGIA. i HAVE A SMALL RETIREMENT IN 401K AND i HAD BORROWED ON IT AND AM PAYING MYSELF BACK 36 DOLLARS A WEEK MY IN VESTMENT SAYS IT IS AN ASSET BUT THE LAWYER SAID I COULD NOT FILE CHAPTER 7 IF I OWE MYSELF THIS LOAN I DON'T UNDERSTAND AND HE WANTS ME TO FILE CHAPTER 13 AND PAY 75 DOLLARS A WEEK THAT DOESN'T LEAVE ME MUCH FOR MY UTILITIES AND INSURANCES AND GAS AND FOOD AND MEDICINES SINCE I ONLY BRING HOME 254 DOLLARS A WEEK
PLEASE GIVE ME SOME ADVICE
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Old 07-20-2004, 07:03 PM
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Join Date: Apr 2004
Location: Boston
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Listen to your lawyer. What he said is shorthand for saying that you have so much disposable income (since your 401(k) repayments don't count as debts for purposes of the computation) that a ch. 7 trustee would immediately move to dismiss because it looks like you can fund a feasible ch. 13 plan.

And, no, a ch. 13 plan doesn't leave much left over. It will be a very spartan existence for 3-5 years.
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