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Asked 1/4/2011
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I recently got divorced and ended up splitting all the debt It's more debt that I can handle on my own and I have to restate my life. I want to take out my 401k (from the company I no longer work for) and pay off all my debt. I know I'll pay the 20 plus the 10% what else can I expect? |
Answer 1/1 - Submitted 1/4/2011
Your creditors can't touch the money in your 401k. You really should leave it there unless it means you'll lose your home or face some other equally serious hardship. Remember, you'll need to be able to take care of yourself in years to come when you retire, not just today.
I suggest you focus on earning more money via a second job, a better job, taking in a roommate/boarder or selling of items you really do not need instead of withdrawing your retirement funds to pay any marital debt you are responsible for.
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