401K money

[IDKwhat2do]

Federal statute exemption 401K contribution

from disposable income:
Bankruptcy Statute 541(b)(7) specifically exempts payments withheld for such plans from disposable income in Chapter 13 (only).

My plan was confirmed Friday. My attorney did not list my 401K loan payment OR my contribution on line 55 - only put loan payments from 6 month lookback on "mandatory deductions from pay."

I can't pay the plan amount confirmed. It is nearly double what I was given when I signed. I don't know where to go from here, it has been a Hellish weekend. Monday morning I will call my attorney, but he has not been responsive lately....

[earningslost]

Hmmm.

When I filed I had 2 jobs, thus 2 401k plans. I had a 12,000 loan from one plan and I was paying about $125 a month from my pay check to the plan plus socking away an additional 6%. The 2nd job I had a 1,000 loan paying about $15 a month from that paycheck and socking an additional 6%. All in all, the Trustee saw I a total amount of $600 going towards the plans automatically deducted from my paystubs. My plan/loans were protected and the Trustee didn't ask me to reduce that extra 6% I was socking away in both jobs. The loans itself must be paid back via payroll. That is just one way to reduce disposable income.

Catchmeifyoucan

i have a question about disposable income- they took before tax income on us... so on paper it looks like we make much more than what is actually directly deposited into our bank to live on and pay bills????