Borrow Now, Pay LaterThe Effects of 401(k) Loans
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Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket" -
I wish I had seeked advice before I STUPIDLY cashed in my 401K to pay bills and try to keep afloat. But of course, back then BK was just unthinkable, an embarrassment, something I simply couldn't do, etc., etc........... But finally reality set in. BK was the only way out for me.
I just wish I had known that my 401K would be exempt before facing reality and deciding that BK was my only option.BK 7 filed and discharged in 2004 after 30+ years of perfect credit. Life HAPPENS. -
My husband cashed in his 401K about 3 years ago trying to pay lawyer fees brought on by numerous frivolous lawsuits aimed at us, and pay our bills, etc. when I lost my job in 2004 and the COBRA ran out and he got prostate cancer. He regrets having done that too, but at the time we didn't see any other recourse. We didn't even think of BK then...."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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