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I took a loan from my 401k payable for 4 yrs, the repayments are deducted from my paycheck. Can I claim my loan payments to 401k as exempt for chapter 13? What I mean is, can I claim the repayment as an expense on my means test?
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This may depend on your local trustee, but you should be able to deduct the expense. The trustee might want to know when will the loan be repaid, and then you would have to increase your plan payments when the loan repayment stops.
Answered on Sep 14th, 2012 at 4:57 PM