Cash in 401K

Filing Bankruptcy Chapter 7 and Chapter 13 Personal Bankruptcy

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Posted by: Gene on 07/29/03:

We cashed in my wifes 401K after tax (they held 20% to pay this) the amount before the 20% was 10,000 we got about 7000. We put this money in the bank to put a new roof on the house however in the mean time we have been thinking about filing chapter 7. So if we are going to file we will not fix the roof because we will not resign on the house we owe 120,000 it is worth 82,000. We have spent some of the 7000.00 and used some of it to pay bills, we also bought an "93" mini van for 1600 we will not resign on our current car owe to much. We have about $4000 left we are thinking of filing in about 4mo what should we do? Some of the 4000 will be used to pay bills but what about the rest, what will happen if we have any left? We live in Ohio.

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: We cashed in my wifes 401K after tax (they held 20% to pay this) the amount before the 20% was 10,000 we got about 7000. We put this money in the bank to put a new roof on the house however in the mean time we have been thinking about filing chapter 7. So if we are going to file we will not fix the roof because we will not resign on the house we owe 120,000 it is worth 82,000. We have spent some of the 7000.00 and used some of it to pay bills, we also bought an "93" mini van for 1600 we will not resign on our current car owe to much. We have about $4000 left we are thinking of filing in about 4mo what should we do? Some of the 4000 will be used to pay bills but what about the rest, what will happen if we have any left? We live in Ohio.




 
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