Using 401K Withdrawal to offset debt

Question

Oct 29, 2006, 12:19 PM

bluestem

New Member

Join Date: Oct 2006

Posts: 3

Using 401K Withdrawal to offset debt

Trying to save my two daughters has put me in a position to save myself and I have no other means unless I use my 401K. I know, it is all my fault. Is it against the rules to use your withdrawal (hardship) for this means? Do many people do it? If I am willing to pay the penalties and taxes - wouldn't it be better than bankruptcy?
Thanks - I need all of the input I can get. I know - I am stupid.

Answers

Oct 29, 2006, 12:32 PM	#2

Fr_Chuck Christianity Expert Join Date: Nov 2005 Location: Atlanta GA Posts: 28,011	everyones situation is different, the amount of your debts, the types and the reasons can all effect a choice. Is there ways your daughters can now help you ? Is there better budget that could help So a discussion with some professionals with your exact details could be helpful

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