Legal Question in Bankruptcy in Minnesota

Contract for deed, bankruptcy, 401K

I would like to buy a home on contract for deed and most likey will have to file bankruptcy in the future. Problem is I need a downpayment and I willing to take out a loan from my 401K of $15000.00 which I will have to pay back thru weekly payments. I have a short sale pending on my house that I owe 57K on the second and about 60k in credit card debt.

Is there a chance that this could be a problem in bankruptcy if I file?


Asked on 9/19/08, 2:13 pm

2 Answers from Attorneys
Nathan Hansen Nathan M. Hansen, Attorney at Law

Re: Contract for deed, bankruptcy, 401K

I would rent for awhile until you stabilize and file a bankruptcy.

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Answered on 9/19/08, 2:18 pm
Sam Calvert Calvert Law Office

Re: Contract for deed, bankruptcy, 401K

Why not file bankruptcy first? Is there some reason for delay?

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Answered on 9/19/08, 7:23 pm


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