bankruptcy and 401k
Should I cash in my 401k or file bankruptcy?
I have $ 70K in credit card and medical debts This results in a significant reduction in income (over 70%) reduced. I own my home, but the head in it and not be able to sell it. I have focused on a 30 years at a low rate. I also $ 150K in a 401k. I'm trying to decide if I have to pay the penalty for it and pay the debt and concentrate only on the house (it will still be very close to the mortgage each month to pay, but possible). Or should I just delete file bankruptcy, you reaffirm the debt,) to preserve the mortgage debt and the 401k (which is a protected asset. A year ago, I had no debt and sufficient income and savings. My employer went bankrupt and my industry has a good beating, so that my past Income is not made available. I support a wife and 3 children. From now on all invoices are paid on time and credit is good … but you all sound and smoke.
They will not touch your 401K until you retire. If your wife can land a job, and you can keep the payments, pay your bills. If not, then bankruptcy.
What Happens To My Pension, 401K, or IRA If I FIle Bankruptcy?
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