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Can I Take Out A 401(K) Loan After Filing Chapter 13 Bankruptcy?

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Published on Mar 23, 2012

http://www.DuncanLawOnline.com
You can take out a 401(k) loan after filing bankruptcy BUT you must first get permission from the court. As long as the loan is going to be for a necessity then you should have no problem with the bankruptcy courts. However, if you are trying to get a loan for non-essential purposes the bankruptcy court could have an issue with that. Be sure to discuss any debts being incurred while in a Chapter 13 bankruptcy with your bankruptcy lawyer before you obtain those new debts. Your bankruptcy attorney will file what is called a Motion to Incur Debt with the bankruptcy court to get the proper authorization.

Duncan Law, PLLC
4801 E. Independence Blvd.
Suite 1100
Charlotte, NC 28212
(704) 563-1224
http://www.DuncanLawOnline.com

This video is meant for informational purposes only. Laws vary by jurisdiction so if you have a specific legal question be sure to contact an attorney in your area. This information does not create an attorney-client privilege and, although we don't view it as an advertisement, it may be considered an advertisement for legal services. Use common sense, if you have a legal issue contact an attorney who can help you with your specific situation.

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