Ask Experts Questions for FREE Help !
Ask
    bigmike200587's Avatar
    bigmike200587 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Dec 15, 2007, 12:59 PM
    Will I get approved for a hardship withdrawl?
    I am having a bad time paying bills right now I'm behind on my rent by 400.00 behind on utility bills by about 300.00 and behind on credit cards and car payments by about 500.00 I submited for a hardship withdrawl and I know there are charges but it doesn't say anything about any of those being ccovered it seems like it's just for unpaid medical bills and getting evicted which I guess could be the rent...
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Dec 18, 2007, 06:18 AM
    Assuming you are talking about a hardship withdrawal from your 401(k), you are correct. However, instead of taking a wqithdrawal - which will involve paying taxes and penalties - why not just take out a loan against your 401(k)? This would be a much better solution than taking an early withdrawal.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Hardship withdrawal From 401k [ 10 Answers ]

SITUATIONAL INFORMATION: I haved worked for this company for 10 years, and they are closing up shop in the US on Jan 28. I have approx. 25,000 in the 401K, half of which is out in loans to myself, and the other half the 401K company says I am eligible to withraw as a hardship. My hardship is...

401 k hardship withdrawal. [ 3 Answers ]

My wife has recently had a stroke and has a heart condition which cause her to take nitroglycerine after minimal exertion. I need to buy a single story residence. I do not have enough equity in my present home to purchase something comparable in the current market. Can I get a hardship withdrawl to...

Hardship withdrawal from 401k [ 1 Answers ]

I am looking into getting a 2500.00 hardship withdrawl from my 401 (k) for closing costs on a home. Is his wise?

401k early withdrawal or hardship? [ 9 Answers ]

I need $22500.00 to pay off debts. Why do I have to qualify in order to get my money when I have $54,000.00 in my 401k. I need to pay off debt not pay for funeral.. If I don't pay off my debts I am looking at losing my home in the near future as they raise my interest rate from 8% to 11 %. How can...

View more questions Search