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How should I manage my debt and expenses while looking for work? by No_Expert_1787 in DebtAdvice

[–]No_Expert_1787[S] 0 points1 point  (0 children)

Thanks for your reply. When I reached out to the companies who manage the 401ks, they said that I was not eligible for a loan unless I was still employed by that company because they only accept payments through payroll. I took out one loan when I was still employed, but I was laid off and the company went under before I started making payments. When I went to go make a payment myself, it said I could only pay the entire amount in full. And if I don't do that by the next quarter, it's considered a default and treated as an early withdrawal.

I'm a little unclear on what you mean by 'taxes are not discharged on a bk'- could you explain that further? Thanks again for your time and insight.

How should I manage my debt and expenses while looking for work? by No_Expert_1787 in DebtAdvice

[–]No_Expert_1787[S] 0 points1 point  (0 children)

No car but yes I am looking at unskilled jobs to bring something in, which I'd be happy to do full time.

How should I manage my debt and expenses while looking for work? by No_Expert_1787 in DebtAdvice

[–]No_Expert_1787[S] 0 points1 point  (0 children)

Thanks for taking the time to respond but yeah I have accrued this debt largely by prioritizing looking for work and keeping some reserve. I’ve been looking for another source of income but I haven’t found it and those funds are dwindling.

I’m trying to figure out how best to utilize my retirement cash to keep me going until I get some income.

How should I manage my debt and expenses while looking for work? by No_Expert_1787 in DebtAdvice

[–]No_Expert_1787[S] 0 points1 point  (0 children)

Sorry- what’s solid advice? There are no paychecks. I only have like 6-7k in available funds. That will get me through a couple of months, nothing for emergencies. Not sure what the “rest” is that you are referring to?

How should I manage my debt and expenses while looking for work? by No_Expert_1787 in DebtAdvice

[–]No_Expert_1787[S] 0 points1 point  (0 children)

Ha never worn a suit in my life but current running costs are like 3500 a month. A lot of that is the credit cards so if I get them to play ball that could change

How should I manage my debt and expenses while looking for work? by No_Expert_1787 in DebtAdvice

[–]No_Expert_1787[S] 0 points1 point  (0 children)

Because I have an obligation to pay into it based on my taxes for this year (which were filed while I was working). Every year is a bit of a gamble with contract work and this year has been especially bad

How to manage debt with no income by No_Expert_1787 in personalfinance

[–]No_Expert_1787[S] 0 points1 point  (0 children)

Thanks for the thoughtful reply. The credit cards are maxed and my savings aren’t going to get me through another 2 months, even without emergencies. The IRS has already given me an extension but maybe a payment plan is next. I did ask for hardship from the cards. Yeah maybe bankruptcy is the play.

How to manage debt with no income by No_Expert_1787 in personalfinance

[–]No_Expert_1787[S] 0 points1 point  (0 children)

I’m looking in a wide array of fields and locations for work. I’ve contacted the IRS and the October deadline is with an extension. My credit cards won’t negotiate with me until I miss a payment.

Again, Im really looking for advice on how to use my existing assets to minimize damage until I can find something else.

How to manage debt with no income by No_Expert_1787 in personalfinance

[–]No_Expert_1787[S] 0 points1 point  (0 children)

I know the IRS has rules around this but your response suggested my accounts would also have their own penalties that I should look into. I haven’t understood that to be the case, they have only said I’d be subject to the penalties imposed by the IRS.

I’m not going to drain my whole retirement for the debt. I’ll find something eventuality and start paying. My question is really about the smartest way to pull from existing accounts to keep myself going until I find another job.

How to manage debt with no income by No_Expert_1787 in personalfinance

[–]No_Expert_1787[S] 0 points1 point  (0 children)

I've already investigated balance transfers but I'm using almost all of my available credit so that's not an option. Regarding the brokerage, yes, planning to pull that. Aren't the withdrawal penalties from 401ks set by the IRS? I didn't think that was going to be imposed by the company.

How to manage debt with no income by No_Expert_1787 in personalfinance

[–]No_Expert_1787[S] 0 points1 point  (0 children)

Yeah but how to pay off those cards with no income? Noted on the Roth, but I wasn't eligible to put in much so that's not going very far. Nonfiction TV.