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. :(
Bankruptcy is a legal way for people or businesses who are no longer capable of paying back their bills to clear these debts and start over.
Chapter 7 bankruptcy is a form of bankruptcy where your debts are canceled, but some of your assets are sold to pay off part of your debt.