Re: Question for Whychat
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Posted by Why Chat (209.240.205.61) on June 03, 2004 at 14:17:59:
In Reply to: Question for Whychat posted by Trouble in Kansas on June 03, 2004 at 13:56:12:
No, you can not get a loan from your retirement funds. What makes you SO sure they will sue? What are you basing the SOL on? Garnishment is NOT as easy as people think, and it is illegal for your employer to fire you even IF you are sued, and they win a judgment and get a garnishment order. They can only garnish 25% of the net take home pay, (after taxes and FICA), and there is an exemption of the first $160.(approx.) a week. In addition, if you are supporting a family, or have health problems you may be able to get an exemption from the Court. Is this a credit card debt? If so, when did you last pay the original creditor on the account while it was still in use?
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