I'm married with 3 children. Own a home, have car payments, bla, bla,bla. I lost my Job about 3 months ago. I held of as long as I can. Other than selling my house. My only option is my 401K money.
I do not wan't to sell my house. The housing market sucks, and I'd be lucky to walk away with 20 grand after I payoff the second morgage. Plus that could take months, if the
A loan won't work because I can't afford the loans I have at the moment.
This is my situation. I have (2) 401K accounts one with $9,500 and one with $52,000.
My thinking was I would withdraw the $9,500 from the 1st account and hope I find a Job in my feild before I have to tap in to the $52K account.
Everything I have read is very vauge, I have read the after tax and penalties. I will recieve about 55% to 60% of my money.
I don't want to sound like a loser. But I have to get these creditors off my back. I am working, for a 3rd less of what I was making the economy in ohio is bad, and is not improving.
2007-11-25
02:19:29
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13 answers
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asked by
Michael S
1
in
Personal Finance