OK financial gurus out there.... As far as after-bankruptcy life is concerned, I was wondering how to best plan to live comfortably on unemployment for 6 months should the situation arise. I work for an employer that's been known to lay people off for periods of time, and they only do it about once per decade. If I were financially unprepared, it goes without saying that I'd automatically lose some or every secured debt, even if there were a second magical chapter 7.
Right now, my wife and I end up with about $4500 disposable income each month. Our bills after Chapter 7 (keeping the house and both cars) will be around $2700. My wife only brings in only about $600 of this income, and unemployment in my state last I checked was $550 / week before taxes. If I were to become unemployed, this of course would put us dead-even on bills, hence we'd have to rely on an emergency fund to get us through our every-day expenses.
Currently I have about $250 per month go into my 401K (taxes deferred). I was thinking that if I were to temporarily divert all of that future contribution into an interest-bearing savings account, it would build up nicely for our purposes over what, 2 years? I realize taxes would only allow acess to 67% of this money to start, but it's still money! Also, doing this would not interfere with the remaining $1900 per month we'd have for rebuilding credit and getting caught up on health/maintenance/repair stuff.
Does this all seem like a good idea or is there something better I should consider?
Right now, my wife and I end up with about $4500 disposable income each month. Our bills after Chapter 7 (keeping the house and both cars) will be around $2700. My wife only brings in only about $600 of this income, and unemployment in my state last I checked was $550 / week before taxes. If I were to become unemployed, this of course would put us dead-even on bills, hence we'd have to rely on an emergency fund to get us through our every-day expenses.
Currently I have about $250 per month go into my 401K (taxes deferred). I was thinking that if I were to temporarily divert all of that future contribution into an interest-bearing savings account, it would build up nicely for our purposes over what, 2 years? I realize taxes would only allow acess to 67% of this money to start, but it's still money! Also, doing this would not interfere with the remaining $1900 per month we'd have for rebuilding credit and getting caught up on health/maintenance/repair stuff.
Does this all seem like a good idea or is there something better I should consider?
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