401k contributions

[signal]

I have read that in a 13 you cannot contribute anything to you 401k, is this correct? I contribute 10% today, my employer matches 50% on that.

As long as I am enrolled and contributing something, say $10/month, I get a pension payment every year for free (10% of my salary dumped as a lump sum into my retirement account by my employer).

This is 12k a year I would get just for having a $10/month contribution to my 401k. If I filed a 13, can I still contribute at least 10/month into my 401k so I can keep my pension? 401k contribution is a mandatory requirement for me to receive my companies pension.

I am concerned about this.

Brian

[UpsideDownMI]

401k contributions in a 13 vary by district. The issue with 401k contributions isn't so much the contribution itself, as it is listing the contribution as an expense on your schedules which reduces that amount that you would be pay to your creditors.

I don't see a problem with you being able to keep your pension. I would think that you would be able to be permission to contribute enough for you to keep your pension going. Worse case, you can contribute the $10 without listing it as expense on your schedule J. Thats a small price to pay for 12k annually.

[AngelinaCatHub]

401k contributions in a 13 vary by district. The issue with 401k contributions isn't so much the contribution itself, as it is listing the contribution as an expense on your schedules which reduces that amount that you would be pay to your creditors.

I don't see a problem with you being able to keep your pension. I would think that you would be able to be permission to contribute enough for you to keep your pension going. Worse case, you can contribute the $10 without listing it as expense on your schedule J. Thats a small price to pay for 12k annually.

I agree except be honest as heck on all forms. You may ask the Judge to deduct your free amount of money for that expense. It is too important to let yourself down. DON'T YOU DARE DIP INTO THAT. Life is short and you would be surprised at what come at our age. WE MADE THAT MISTAKE!!!! 'Hub

[DUMBAGAIN]

Our district here in Ohio allows for 401 participation.

[AngelinaCat]

I have read that in a 13 you cannot contribute anything to you 401k, is this correct? I contribute 10% today, my employer matches 50% on that.

As long as I am enrolled and contributing something, say $10/month, I get a pension payment every year for free (10% of my salary dumped as a lump sum into my retirement account by my employer).

This is 12k a year I would get just for having a $10/month contribution to my 401k. If I filed a 13, can I still contribute at least 10/month into my 401k so I can keep my pension? 401k contribution is a mandatory requirement for me to receive my companies pension.

I am concerned about this.

Brian

Here is the link to the thread for a news article that was posted in June 2009. It may or may not help.

http://www.bkforum.com/showthread.php?t=29755

[lrprn]

Our local court allows a maximum 5% retirement contribution for each of us that we were able to include as a monthly expense on our forms. What additional funds (or any funds in the few courts that don't allow any retirement contributions at all) you might choose to put into your retirement out of your restricted Ch 13 budget is up to you.

As mentioned before, there is some variability between local trustees, so you need to ask your lawyer how your trustee deals with ongoing retirement contributions.