When listing your 401(k)'s value on Schedules B and C, if you have 401(k) loans against the account & your plan provider provides you with two kinds of balances, one classified as "Balance with Loans" & the other "Balance without Loans" which is the correct one to use/list? Obviously the Balance with Loans is the higher of the two & I don't want to list the wrong one on either of these forms and have anyone think I'm hiding or fluffing anything. I was thinking it might be the balance with loans amount, but am unsure. I want to report it accurately on the forms & not have an under or overinflated number. I had no choice but to file an emergency CH 7 on my own to stop utility disconnections. 3 hours on phone holding for a legal aid attorney to ask & no one in BCY became available. :(
Family Law Attorney
Sch.B should have the "without" figure. Sch.C should have the lower figure after subtracting the loan, and Sch.D should list the creditor. You should not file this petition without FIRST taking it to a bankruptcy attorney for review.
Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662. Please be aware that each answer on this website is based upon the facts, or lack thereof, provided in the question. To be sure you get complete and comprehensive answers, based upon the totality of your situation, contact a local attorney who specializes in the area of law that involves your legal problem. Diane L. Gruber has been practicing law in Oregon for 26 years, specializing in family law, bankruptcy, estate planning and probate. Note: Diane L. Gruber does not represent you until a written fee agreement has been signed by you and Diane L. Gruber, and the fee listed in the agreement has been paid.