401K Withdrawl @ 341

[LSUTiger32]

If the OP needs a car, he needs a car. $10K for a car is reasonable expense, as it would be new enough to last a while. The toughest part of BK is simply surviving until the ordeal is over.

If he needs a car, he does need a car. $10K for a reasonable car? I guess if you are used to driving Ferrari's.

[DebtHater]

I have about 20K that I need to withdrawl from my 401K to buy 2 vehicles. We surrendered both of our vehicles in the chapter 7 and I plan on taking my 401K money and buying 2 vehicles for cash. Will the trustee get involved with this?

Also I'm not worried about tax implications due to my age being 25, plenty of time to start a new retirement account.

Are you withdrawing 30K because you need 20k? Or, are you with drawing 20K because you need 13K?

Rhetorical question, no need to answer. I just can't see throwing away over 7K for something that depreciates. Furthermore, even though you're 25 and you have "plenty of time to start a new retirement" you will NEVER get back what that money would have brought you at retirement age.

I was 25 once and did stupid things with my 401K. Now at 41 I regret it seeing what I would have had. I truly believe there are other options you are overlooking to get your self a car.

[JackBondLove]

If he needs a car, he does need a car. $10K for a reasonable car? I guess if you are used to driving Ferrari's.

I consider a car like a VW Jetta to be reasonable. The price of of this car as a 4 year old certified used car would be about $10K. Any lower of a price, and you're getting into a used car that could have some suspect issues. And an old car costs more in maintenance, so the net cost of driving a car gets down to a pretty constant level after some time (I know from experience with my Jetta Wagon that has almost 150K miles!)

[LSUTiger32]

I consider a car like a VW Jetta to be reasonable. The price of of this car as a 4 year old certified used car would be about $10K. Any lower of a price, and you're getting into a used car that could have some suspect issues. And an old car costs more in maintenance, so the net cost of driving a car gets down to a pretty constant level after some time (I know from experience with my Jetta Wagon that has almost 150K miles!)

I bought a 2000 Ford Taurus for $2,500. I spent $600 for a new set of tires, a front end alignment, and to change the air and fuel filters. That was 14 months and 21,000 miles ago. Not one problem whatsoever and I commute 80 miles a day.