Legal Question in Bankruptcy in Minnesota

I am considering filing Chapter 7 with my Husband. How will it affect a loan I currently am repaying to my 401K through my employer?

Asked on 4/23/13, 1:57 pm

2 Answers from Attorneys

Nathan Hansen Nathan M. Hansen, Attorney at Law

The short answer: You will have to continue re-paying the 401k loan.

Nathan Hansen


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Answered on 4/24/13, 7:18 am
David Kelly-952-544-6356 Kelly Law Office

A 401K loan is essentially a loan from you to you. Such loans are not affected by Chapter 7 bankruptcy and not discharged by the bankruptcy.

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Answered on 4/24/13, 12:01 pm

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