Chapter 7 converting to a 13 or negotiate credit debt??

[8forme]

Can you contribute to a 401k if while you are paying back a 401k loan?

We have taken 2 401K loans, not the best but at least we paid ourselves back the interest. We have not stopped contributing at all since taking the first one out. Then 2 years later we did a second one and still did not stop contributing. Not sure if it is company specific though but it was never even mentioned to us that we would have to stop contributing because we had a loan/s out. We have finally paid one back and have 2 years left on the second one and have not missed a beat in contributing to the 401K.

[SMinGA2]

401k loan and a hardship withdrawal are not the same thing. A hardship withdrawal allows you to use the funds without tax penalty. There are only a handful of eligible situations, and if you're in one of them you really can't afford to contribute. (If you could, you would not need the tax break that the hardship withdrawal allows.) A loan is just that - and you repay it by paying the $ back into your plan. Its not actually considered a withdrawal.

Can you contribute to a 401k if while you are paying back a 401k loan? I know that if you take a hardship withdrawal from your 403b that you aren't allowed to contribute for a period of 6 months. They don't allow that to be paid back.