Allergan employee here, hit hard times and needed to take a 401k early withdrawal to deal with bills. Unbeknownst to me AGN changed plans at some point and the new plan doesn't allow except for extreme circumstances. I'm gonna do bankruptcy without the withdrawal. What's that plan at ABV?
Don’t be foolish! Avoid filing for bankruptcy at all costs. Your credit will be ruined and could be problematic with the Abbvie Corporate card. Abbvie Corporate card is mandatory for use instead of a personal card that gives you benefits (air miles or cash back). Borrow money until you get over here. Our 401K management company will allow you to borrow money (percentage not sure) it WILL be deducted from your paycheck in order to pay it back. Hold off until your 401K is rolled over and once in our 401K management company - then you can borrow. Do you own a home? Do you have equity? Take out a line of credit. Sell stuff you don’t need .... Anything but bankruptcy!!
Been at AGN many years. Not in sales. Sick wife, just a renter, not much to loose. And yes, not so good at managing money. Already have a 401k loan.
Loan not withdrawal. You are allowed to have 3 loans out on your 401k max. Filing bankruptcy is ridiculous.
If you are at AGN and not in sales, you will probably not be working here once the take over is completed. Use your head. Synergies mean we get all your products and most of you get let go. You need a plan B for getting a loan and for staying employed.
If you don’t have any assets and your wife is sick, bankruptcy may be an option. Medical bills will not hit your credit if you don’t pay them, thank Obama. So don’t pay any medical bills or pay them last. Pay the rent and car and skip credit cards or anything unsecured. Call Consumer Credit Counseling after she gets better and enter in their debt relief plan it’s basically free to meet with them as they are funded by banks. You may want to call them first. https://credit.org/cccs/ Anyone can go into the program so if anybody else on here is struggling with bills, it is a path out of debt. I went in with 27k in credit card bills in 1998, now my net worth is over 2.5 million. Ya for me, but it got me out of debt and on a path of saving and investing. Also read Dave Ramsay.
OP, sorry about your situation. Do your best to not touch your 401k, unless you can do a loan and use the longest payback method. Cut your cost of living the best you can. Also, if you don't have income, then just take can job that is available, like sub teaching to pay the bills. Whatever you do, just don't panic. Stay calm in this situation the best you can. Eventually, things will come through for you,, trust me. I have been downsized 7 times, and things always worked out. However, I probably cost myself about 200-400 k over time because I touched the 401 k too many time in a panic mode. don't make my mistake. learn from this. and, I would add that you should always about about 50-100 k in emergency cash at all times, while having a monthly cost of living around 2-3 k/ month. Anything higher than 3 k/ month for all bills is way too high, in my honest opinion. and I make about 150 k/ year at this point in my life.
Thank Obama? This is a lie. Experian and the other two credit reporting agency’s tell a different tale. Unpaid medical bills can stay on your credit report for seven years from the original delinquency date. Because your payment history is the biggest single factor in your credit score, accounting for about 35% of your score, having a collection account such as unpaid medical debt in your credit history can have a significant negative impact.
100k in cash??? That’s a bit crazy. I’d never keep more than 25k cash and put the rest of that in a highly liquid money market.
talk with wife’s doctor’s office. Most big hospitals have financial aid. talk with HR, your health plan may have few thousand loan policy. your paycheck may able to receive early
I agree with most of this thread. Do not do bankruptcy unless absolutely necessary. You may want to get together with a very good money manager to go through your entire situation. I feel your pain on this one. Even the best People at managing the money run into issues from time to time. Will keep you in thoughts and prayers. Let us know how it all turns out.
