Consider Bankruptcy Before Using Your 401k
A lady came in a year ago she was making over one hundred thousand dollars a year, had a home in Georgia and one in Texas, Texas being her home. The job ended so she started looking for another job in Georgia and Texas. The severance package ran out with her making both house payments and credit cards payments. The house in Georgia was put on the market but no one was buying. She had money in her 401k so she took 20,ooo of it to be able to continue making all the payments. She finally decided she had to let the house in Georgia go through a foreclosure sale. She had to take the last 20,000 of 401k money to keep from losing the Texas home. She finally realize she needed to stop paying the credit cards.
She now has started a job it is for less money but it will be enough to pay the basic bills. Because she is three payments behind on the house and car she is filing a Chapter 13 bankruptcy which will allow her to catch up on the house and car and take off the balance to the credit cards and the negativity of the foreclosure sale of the other home.
Not that anyone wants to file a bankruptcy but before you use up all your savings talk to a bankruptcy attorney to see how the bankruptcy law could help.
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