Legal Question in Credit and Debt Law in New Jersey

To use the 401 or not

I asked a while ago about bankruptcy and still not sure what to do,50,000 in credit card debt not counting 2 car loans. My question is we have a retirement plan with 57,000 in it, should we borrow 1/2 and pay off 2 credit cards or withdraw it all take the penalty and tax problems at the end of the year pay off most of the debt. stuck and confused about what to do,please help me....


Asked on 11/28/03, 4:25 pm

1 Answer from Attorneys
Robert Gleaner Robert A. Gleaner, P.C.

Re: To use the 401 or not

Your question is really too complicated to answer without a full analysis by an attorney. You should contact a bankruptcy lawyer in your geographic area, schedule an appointment with him/her and take that advice. Good luck. Rob Gleaner

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Answered on 11/28/03, 4:32 pm


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