Can I take a retirement loan without approval being that its not technically "using credit"? Does a trustee really look that deep into stuff after confirmation?"
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Since the loan charges interest and has specific terms related to repayment with penalties, I think you would have a hard time proving borrowing against your retirement isn't really borrowing.Originally posted by otguy2003 View Post
Why do you want to borrow against your retirement now?
Whatever you take out will show on your taxes as additional income for this year, and if you can't pay the loan back in time, will force hefty 10% taxes to be paid on the amount next year as well. If you have a trustee who watches those figures yearly, then you could find yourself in a heap of trouble. Why take the risk?Does a trustee really look that deep into stuff after confirmation?I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
Believe LPRN, it happened to me. Everything I could do wrong, I did. God’s good grace got me by as it was a matter of ignorance and not fraud.Originally posted by lrprn View Post
NEVER borrow against the future. What has gotten our Country into the mess it is going? ‘HubIf I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.Comment
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Its not like I'm looking to be a scammer. I was talking about a retirement loan if I had a car repair or something. Just trying to see what I can and can not do in this new 13Comment
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