Cashing Out a 401(k) vs. Selling Your House - Which Should You Choose

Recently, I spoke to a potential client who lost his high paying corporate job and was struggling financially as he tried to start his own business. Bankruptcy was not a good option for him at this time but he had two possible sources of cash - his 401(k) and equity in his home.
In this video, I walk you through my analysis of this gentleman's financial situation - why bankruptcy is not a good option and why selling his house is a far better choice than cashing out his 401(k).
If you find yourself talking to a bankruptcy lawyer like me, or even considering the bankruptcy option, you may be faced with unpleasant options. And often the short term pain of selling your car or selling your house makes a lot more sense for your long term future than to reach for the cash in your retirement plan.
If you are having money problems, with a household budget in the red, it can be hard to know what to do. Bankruptcy may or may not be a good option but calling Ginsberg Law for legal advice is always a good choice. We are standing by to help at 770-393-4985.
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[@ThePeterDislikeShow]

I think a better idea might be to spend the next year or two doing something that would line him up to chapter 7. Put his wife's name on the home and give it the amount of time legally needed, spend down some of the home equity to the exemption, and stop using the credit cards.

[@ThePeterDislikeShow]

If he was going in debt making $100k+ that home equity isn't going to last either unless he changes his behavior.