Going through tough times - have not had a job offer for over 1 year. I need cash just to be able to keep the house that my family is living in I have been behind on almost everything my score went down from 740 to nothing. I cannot file bankruptcy yet because they will force me to liquidate the house as well as have my wife on it with me!!
2007-01-29 08:18:36 · 4 answers · asked by God[Z]By 2 in Business & Finance ➔ Personal Finance
No...only can take a distribution. You'll have to take all of it as a 401k won't allow a partial distribution like that. So, if you don't need it all then rollover the rest into an IRA. You can tap that source if you need it.
Keep in mind that taking such a distribution will only prolong the agony. Consider selling the house and moving into an apartment. That should be cheaper than the house and make it easier to get by.
2007-01-29 08:27:11 · answer #1 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
Doubt the loan will work (since you are not employed at the company). Check with the administrator of your 401k for a definite answer.
You may be able to do a distribution (taxable) from it or move it to an IRA and do the distribution from the IRA (taxable on the $ you take out). Either way, if you are under 59 1/2, add the 10% early withdrawal penalty.
2007-01-29 08:31:34 · answer #2 · answered by my opinion 2 · 0⤊ 0⤋
No. Any loans against a 401k must be repaid in full when you leave the company. Therefore you cannot take out a loan if you are still not employed by the company.
Good luck.
2007-01-29 08:27:15 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
at first of the question is are you able to pay off the $3500 in 15 months or 2 years? in case you're able to try this than take out the 0% credit card flow. in case you may not pay off the $3500 in a real looking volume of time, then keep paying the way you have been paying, understanding that your accessible limits on your credit checklist are showing under the beginning up stability. Your credit checklist gets a double ding in case you coach you're disposing of latest credit and characteristic a maxed out decrease. it is frequently not a stable theory to borrow out of your 401K on account which you besides mght have tax effects.
2016-12-13 03:47:20 · answer #4 · answered by Anonymous · 0⤊ 0⤋