Paying to much into my 401(k)

[mtndewdrinker]

I am only contributing 6%...reducing that - I would still be negative

[OhioFiler]

$500 per month at 6% is an annual salary of $100,000.

I would drop the 401K amount to $200 and take up smoking a pack of cigarettes a day which is close to $200 per month. They can't make you quit smoking.

[mtndewdrinker]

Can I make that change this late in the CH7 process though? The UST has already filed the motion for dismissal.

[liz417]

Can I make that change this late in the CH7 process though? The UST has already filed the motion for dismissal.

Our company matches 6% and we were contributing only 3% (at that time), but it was "frowned on" and told we would have to change it. I was a little concerned because you can only make these changes once a year and the time frame had just passed. It didn't matter, our attorney/trustee wasn't going to count the contribution in our petition, but it didn't matter because we were still had a negative DMI.

[LuciluS]

$500 per month at 6% is an annual salary of $100,000.

I would drop the 401K amount to $200 and take up smoking a pack of cigarettes a day which is close to $200 per month. They can't make you quit smoking.

HHM said tobacco use could be a disallowed expense. He said to include it with your food bill.
Luci

[shabam]

I read a case recently where even as little as $270 per month drew a motion to dismiss. As did the $100 or so dollar loan repayment into the 401k

[Flamingo]

In simple terms, if you were saving $500 per month previously in your 401(k) and then stuff happened putting you in the position to file BK, you should not have $500 available to save anymore. That is why there is a problem here. The amount is average for what you make but you are trying to state you are insolvent. It's easy to see why this raised an eyebrow and could fall under abuse and be dismissed.

[joh]

I put 270 a month in my 401k with problem never thought about it.

[kw1025]

what ARE the options when you get a 7 dismissed? What happens next? Do you just become an endentured servant? What are the options at that point?

[aces67]

It depends on rather it's dismissed with or without prejudice.

You can go on and refile at a later date once you get everything lined out.

[TBLTZ]

I put in about 160 dollars a month which is only about 3%. Think there will be a problem with that?