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    markr57's Avatar
    markr57 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 15, 2008, 10:42 AM
    Bankruptcy or use my 401
    I need help, I have tried to do what my lawyer said I could do when I was getting divorced, I had to use my credit card to pay her (large amount) I also had to use this card for doctor bills and dentist bills, my lawyer said it was better to show debt during the divorce then us my 401 K to pay the card off, our 401K administer has stated I could not do this? Should I declare bankruptcy or try to get the $15,000 I need, either way I can't keep paying the interest on this card? What can I do?
    Thank you
    George_1950's Avatar
    George_1950 Posts: 3,099, Reputation: 236
    Ultra Member
    		  
    #2

    Feb 15, 2008, 05:28 PM
    Is this your only creditor? And please don't blame someone else for what you have done.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Feb 15, 2008, 07:10 PM
    I doubt the lawyer told you to use a credit card you had no ability to pay off?? IF he did, shame on him. So much is depends, hat is your income, if you are making 60,000 a year a 15,000 debt is nothing, if you are making 8,000 a year it is a bigger deal.
    But at the wost, I would take a loan out on the 401K, at normally a much lower nterst to pay things off, then make payments to pay the 401K back.
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