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Question
Do I have to get court approval through my lawyer for a 401k loan.
I am assuming that you are in a chapter 13 bankruptcy and want to get a 401k loan while in Chapter 13 bankruptcy. If you want to get a 401K loan while your Chapter 13 bankruptcy case is pending then you may need to file a motion to incur new debt. Your local bankruptcy rules will generally specify when you need to file a motion for court permission to incur new debt. You may not need to file a motion if the loan amount is below a certain amount.
Also keep in mind how much the monthly amount will be to pay back the 401k Loan and whether it will affect your Chapter 13 bankruptcy plan. If it will affect your plan payments then you need to consult with your attorney before moving forward.
As an alternative, you may want to consider a motion to modify your Chapter 13 plan if some expenses have increased or your income has decreased.
http://www.socaladvocates.com/orange-county-bankruptcy-attorney
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Answers by Expert:
Norma Duenas - California Bankruptcy Attorney
Expertise
Norma Duenas is a California Bankruptcy Attorney representing clients in Chapter 7 and Chapter 13 consumer bankruptcy cases. Norma Duenas is the founding member of Southern California Law Advocates a consumer bankruptcy law firm. For further information you can visit us at: California Bankruptcy Attorney - Riverside, Los Angeles, & Orange County
Experience
Have filed over 350 consumer bankruptcy cases in Orange County, Los Angeles and Riverside. I have worked previously for Macey and Aleman, the largest consumer bankruptcy firm in the country. Currently I am the owner of Southern California Law Advocates, a bankruptcy law firm with offices in Orange County, Los Angeles and Riverside. Law offices is focused on consumer Chapter 13 and Chapter 7 bankruptcy.
Organizations
California Bar Association
American Bar Association
Riverside Bankruptcy Attorney
Education/Credentials
University of California, Irvine, BA in Criminology, Law and Society
California State University, Los Angeles MS in Criminal Justice
University of San Diego, Law School, JD Cum Laude
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