This means that you get taxed twice on the interest you pay: once when you deposit it, and again when you withdraw it.
But this extra tax doesnt add up to that much money. If you borrow 1,000 and pay it back at 5 over one year, the interest is only 50 a year. And if you pay 15 in taxes on that 50, your tax hit only amounts to 7. Thats trivial compared to the costs of a payday loan, or even a credit card loan. Possible Penalties. The biggest risk of a 401k loan is that you absolutely must pay it back on schedule.
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Yes I have retained and Attorney. Then you need to discuss this matter with your bankruptcy attorney. All the best to you, Carol. on these payday loans, what if filing bankruptcy, the money is set up to automatically come from your checking account, then how heartland bank personal loan requirements you stop this.
Does the attorney take care of this. Toney, read 2 in the article above. It explains that you need to close that bank account and open a new one somewhere else before you file bankruptcy.
I'm not sure what you mean by "can I file him". Since you're asking a bankruptcy attorney, I assume your question has to do with bankruptcy, and the only person you can file bankruptcy for is yourself. That would eliminate your debts, including the payday loan, leaving your co-worker as the only one the loan company could go after to pay that loan.