QUESTION
Can I get a $1000 from my 401k for car repairs?
Asked on Jul 28th, 2013 on Bankruptcy - Missouri
5 ANSWERS
If you are in a bankruptcy, you may need court permission to do so. More information would have been helpful.
Answered on Jul 31st, 2013 at 2:45 AM
Deborah F. Bowinski
Without some context it is impossible to try to answer the question. Some 401K plans have specific restrictions that govern when you can request a distribution. Oftentimes you cannot withdraw but can take a loan against the funds. If you are in bankruptcy or are considering bankruptcy you should consult with your attorney before taking any action.
Answered on Jul 30th, 2013 at 1:11 AM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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You need to check with the plan administrator and discuss the hardship withdrawal provisions.
Answered on Jul 29th, 2013 at 1:05 PM
Bankruptcy Law Attorney serving Austin, TX
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Law Office of Susan G. Taylor
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Are you in bankruptcy? If so, & you filed less than 60 days ago, you should ask your chapter 7 trustee.
Answered on Jul 29th, 2013 at 12:37 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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If the plan allows it. If you don't pay it back, it will be taxable to you.
Answered on Jul 29th, 2013 at 11:27 AM