Increase in 401(k) contribution

[gregory675]

I cannot pay, sorry, I cannot explain here (simply: we are very tight on our budget). I have several other financial obligations which also I cannot explain here. Also I cannot file bankruptcy.

I wish to increase the 401(k) contribution to 8%, if and only if that will not create any fraudulent judgments against me or else I simply go with my current 5% and think about future survival little later.

 

[Shadowbunny]

I cannot pay, sorry, I cannot explain here (simply: we are very tight on our budget). ...

I wish to increase the 401(k) contribution to 8%...

If you can afford to increase your 401K contribution by 3%, then you can afford to pay your creditor that same amount. You just don't want to.

 

[adjusterjack]

I wish to increase the 401(k) contribution to 8%, if and only if that will not create any fraudulent judgments against me

I think it's clear by now that there is some uncertainty there so it's a decision that you'll have to make for yourself.

 

[gregory675]

Yes, I do not wish to pay that 3% to creditor, sorry for my poor wording in my earlier communication(s).

 

[Just Blue]

Yes, I do not wish to pay that 3% to creditor, sorry for my poor wording in my earlier communication(s).

You said your wife was not working? Why? She could get a part time job and with that extra income you could get this paid off in under a year. If child care is an issue, she could work nights/weekends or when you are available to watch the children.

 

[gregory675]

You said your wife was not working? Why? She could get a part time job and with that extra income you could get this paid off in under a year. If child care is an issue, she could work nights/weekends or when you are available to watch the children.

Sorry, I cannot discuss those details here.

 

[Zigner]

Yes, I do not wish to pay that 3% to creditor, sorry for my poor wording in my earlier communication(s).

Right - so by moving that 3%, your intent is clearly to "hinder, delay, or defraud the creditor". You can try and spin it all you want, but that's the bottom line.

 

[paddywakk]

I cannot pay, sorry, I cannot explain here (simply: we are very tight on our budget). I have several other financial obligations which also I cannot explain here. Also I cannot file bankruptcy.

I wish to increase the 401(k) contribution to 8%, if and only if that will not create any fraudulent judgments against me or else I simply go with my current 5% and think about future survival little later.

You could pay, you just want to put money aside for the future.

Plenty of people in the US retire every year without a 401k or any other retirement savings. I suggest you stop saving and pay your debt

 

[gregory675]

Thanks Zigner, I understood and will not change my 401(K) contribution: eat little more food every day than increasing that 401(k) contribution
Thanks Paddywakk: I already answered it above. By the way, creditor can get my money if they can and I have no obligation to pay that voluntarily. There are plenty of people, from homeless to those living in palaces, I agree.

 

[Shadowbunny]

Thanks Zigner, I understood and will not change my 401(K) contribution: eat little more food every day than increasing that 401(k) contribution

What an odd choice -- rather than pay a debt you owe you'd rather overeat.