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Hello all, this is new as I am also new to the forumn. My question has to do with my 401k. I just had my meeting of credotors (341) yesterday and have been thinking about what I want to do with my life. Been sick alot (2 surgerys past two years) led me to my filing as I also have student loans and noramls bills like housing and credit cards. Well I have been thinking about if I am going to be staying with my employer (been thinking about it for over a year). Well my 341 meeting was the last straw. My brother had to take me cause my truck decided it needed repair. I have enough in my 401k to purchase a decent (new) vehicle after taxes and penalties. I have been thinking about leaving my employer for something that makes me happy and I am now in need of reliable transportation.
My question is: Is it safe for me to quit and take a payout and purchase transportation or do I have to wait for the discharge notice? The trustee mentioned something for 180 days for inheritance and lottery winnings.
I would wait out your discharge, nothing good can come out of wanting to rush things during these times.
Also, why would you not just get a small loan to purchase an inexpensive vehicle versus taking a huge tax hit on your 401k and killing that.
Think long term.
@wiguy33 wrote:Hello all, this is new as I am also new to the forumn. My question has to do with my 401k. I just had my meeting of credotors (341) yesterday and have been thinking about what I want to do with my life. Been sick alot (2 surgerys past two years) led me to my filing as I also have student loans and noramls bills like housing and credit cards. Well I have been thinking about if I am going to be staying with my employer (been thinking about it for over a year). Well my 341 meeting was the last straw. My brother had to take me cause my truck decided it needed repair. I have enough in my 401k to purchase a decent (new) vehicle after taxes and penalties. I have been thinking about leaving my employer for something that makes me happy and I am now in need of reliable transportation.
My question is: Is it safe for me to quit and take a payout and purchase transportation or do I have to wait for the discharge notice? The trustee mentioned something for 180 days for inheritance and lottery winnings.
To be on the safe side, I would wait it out. While the money is in the 401K, it is safe, but it is not safe when it is out.
@grassfeeder wrote:I would wait out your discharge, nothing good can come out of wanting to rush things during these times.
Also, why would you not just get a small loan to purchase an inexpensive vehicle versus taking a huge tax hit on your 401k and killing that.
Think long term.
+1