will i loose my 401k

[hawse]

undefinedWhat is the name of your state? Tennessee
I recently went through a divorce and quit claimed the house to my X in exchange for my retirement and 401k. As part of the deal I was to make the first and second mortgage for six months then she was to take it over. I have begged borrowed and scraped not to mention worked my butt off and made it through six months. Now she says she can not make the payments and is not even going to try. Question 1: Can I file bankruptcy and keep my 401k or will I be forced to draw it out? Question 2: Will I be able to get away from the house payment or will they sell it and come after me for the difference?

[Ladynred]

1 - your 401K is EXEMPT in TN
2 - You can have the mortgage loan discharged and NO ONE can come after you for payment - not even the ex. The bank WILL go after her for payment once your obligation for it is discharged in bankruptcy.

[hawse]

undefinedThank Ladynred, I appreciate the info. Another question: My mom loaned me a substantial amount of money a couple of months ago. I used the loan from her to pay back a loan against my 401k and to get a lean off of my truck. My credit was shot due to my x not paying the things that she was supposed to so I had to go that route. Will I still be able to repay my mother if I file chapter 7?

[Ladynred]

Yes, you can pay her but not until AFTER your discharge. If you make any payments to her before you file, its a preferential payment and the Trustee can sue her to get that money back. You don't want that. You can voluntarily pay anyone you want after discharge.

[hawse]

undefined I have made one payment on the HELOC that she took out to loan me the money. I paid that by check, I suppose that I should pay in cash until it is discharged?

[hawse]

undefinedbUMPING UP