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Established Contributor
Posts: 510
Registered: ‎01-15-2017
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Re: Took a 401k Loan before filing Chp 7

The FDIC has rules and so do the banks. I know the BIG Bank's rules from the when I was married to the first Mrs. Backwoods. If you work in a non currency handling /lending position  position   it probably  will be less stringent. As I said before my knowledge is based on over 20 years ago.   What is your bank's policy on people with "law enforncement convictions"? At one point the FDIC would not allow for anything more than a traffic ticket and there was a big flack because some applicant had a very minor charge over 30 years ago and FDIC told the bank he could not be hired. Similar logic may apply   I never kept up with this.  I would check your employer's HR department. 

Established Member
Posts: 20
Registered: ‎04-28-2017
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Re: Took a 401k Loan before filing Chp 7

 
Regular Contributor
Posts: 119
Registered: ‎11-09-2014
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Re: Took a 401k Loan before filing Chp 7


Backwoods wrote:

The FDIC has rules and so do the banks. I know the BIG Bank's rules from the when I was married to the first Mrs. Backwoods. If you work in a non currency handling /lending position  position   it probably  will be less stringent. As I said before my knowledge is based on over 20 years ago.   What is your bank's policy on people with "law enforncement convictions"? At one point the FDIC would not allow for anything more than a traffic ticket and there was a big flack because some applicant had a very minor charge over 30 years ago and FDIC told the bank he could not be hired. Similar logic may apply   I never kept up with this.  I would check your employer's HR department. 


No large bank or any employer with half a brain is going to fire someone just because that someone filed bk.  Doing so is highly illegal and will expose the employer to severe sanctions.  The bank fired that person for some other "official" reason.  This is the law now and was the law 20 years ago and before that.  As one poster said, 11 USC 525(b) applies.

Des.

Valued Member
Posts: 29
Registered: ‎05-23-2010
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Re: Took a 401k Loan before filing Chp 7

Well, I did end up filing on May 4th. I wasn't prepared for how emotional I was going to be afterwards, I really felt like a failure. I felt pretty bad for a good week, but now I'm ready to move on and put it behind me.

I did have a card with my employer, that they closed about 4 days after filing, and I'm still employed. So that's good news!

The school financial aid and the 401k loan did not count in my income, only work pay and child support.

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