Borrowing from your 401(k), or other retirement investment account to pay off debt is rarely a good idea.

No matter how far or close you are to retirement, borrowing from your 401(k) or other investment vehicle is very risky.  First, you are borrowing from your future and may not be able to replenish the account quickly.  You will lose the benefit of compound interest and because of that may retire with less than you would have if you had not borrowed from the account.  Not to mention, depending on what type of account it is, you may suffer tax penalties if you do not pay back the money in a certain time frame.  If you are contemplating borrowing from your retirement to pay down debt, contact us first to see if we have a workable solution!

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What People Have to Say

I just wanted to thank your entire staff at The Law Offices of Leslie H. Tayne, for helping me get out of debt. If it wasn’t for your firm, I would have never been able to resolve my $13k worth of debt in less than 3 years. Your staff did a great job, I was finally able to buy myself a brand new car without using a cosigner. I can’t tell you again how happy I am. I would recommend your services to anyone.

L.C. Client 2007-2009

I sleep like a baby at night now because of the work that you and your office have done. Rest assured that I will refer anyone I know to your office with conditions that are similarly circumstanced.

R.S. Client 2012-2014

You have been very helpful at first directing me in the right direction when I had no clue how to go about handling everything, I really appreciated all your advice and help and hope we can work something out. Thanks again for all your help and kind words, and patience.

D.M. Client 2009-2012