In an active 13, going to now walk, and wanting to buy a condo cash...

[espo1357]

Yes, that 401k money is protected from creditors, without a discharge, anything you do with it potentially exposes it to creditors.
If you end up back in another chapter 13 later, you don't want to have equity exposed to creditors, puts a big minimum under your plan base.
Better to just rent until you get the discharge. Home prices aren't going up anytime soon, the only trick is protecting your 401k from inflation.
P.S. agree with what shark said

Appreciate all the feedback.

Not 100 percent sure, but I think the lawyer set my plan up so that I could walk anytime. Either way, its a good break to offset my mistake of not filing a 7 when I had the chance.

And, I think you are correct, that I should wait for a discharge before moving forward.

[shark66]

Not 100 percent sure, but I think the lawyer set my plan up so that I could walk anytime.

It's not a question of whether you can walk...one can always walk away from the house in Ch 13 - as well as from the plan itself voluntarily...

The real question here is what it would cost you to walk, one way or another...

If I were in a similar predicament - and I have given it a thought - I'd have the Ch. 13 dismissed, then file a Ch. 7 and start fresh...

No two situations are exactly alike, so this is just a pinch of food for thought which may or may not have any value in your particular set of circumstances.

Good luck.

[espo1357]

[QUOTE=shark66;508048]It's not a question of whether you can walk...one can always walk away from the house in Ch 13 - as well as from the plan itself voluntarily...

The real question here is what it would cost you to walk, one way or another...

If I were in a similar predicament - and I have given it a thought - I'd have the Ch. 13 dismissed, then file a Ch. 7 and start fresh...

No two situations are exactly alike, so this is just a pinch of food for thought which may or may not have any value in your particular set of circumstances.

Good luck.[/QUOTE

Thanks for your feedback!


I considered not paying the 13, and getting it dismissed, and filing a 7 later. BUT, I make too much to file a 7, so it would be better to stay in the 13 until my income changes.

I am actually considering a career change, one that would push me into a 7, and that is another option.

It will definitely not cost me anything to walk. The payment in the 13 stays the same, and I get free rent for several months until they move with the foreclosure action.

[catleg]

At least if you change jobs, you can roll that 401k over into an IRA so you can make investment choices to protect against inflation.
Some 401k's have really lousy choices.
I'm lucky enough to have Pimco Real Return Commodities Fund in my 401k (PCRIX is the symbol, here is the chart.) Though I guess if the Fed stops printing a blizzard of dollars, it all goes down the sh*tter anyway.

[espo1357]

At least if you change jobs, you can roll that 401k over into an IRA so you can make investment choices to protect against inflation.
Some 401k's have really lousy choices.
I'm lucky enough to have Pimco Real Return Commodities Fund in my 401k (PCRIX is the symbol, here is the chart.) Though I guess if the Fed stops printing a blizzard of dollars, it all goes down the sh*tter anyway.

IRA over a 401k all day.

The "play" I am going with is to just wait for a discharge (in the 13 or the 7, whatever comes first), and then when I am free and clear, move forward with a cash purchase of the condo.

No more business with banks. All done. Freedom is just around the corner for me bob dylan, as the jokermen are no longer going to play tricks on this espo1357!