If you’re in CHEX Systems or shut out from opening a traditional savings account you still can save money.
If you have a job with a company that offers a 401k program your name appearing in CHEX Systems will not disqualify you from opening an account or ramping up your contributions.
I highly suggest you go to company’s payroll or human resources department and open a 401k account immediately as this will provide you a means to save money – even though it is restricted. If you’re already signed, up ask that a greater percentage of your check be withheld.
Money deposited into your 401k plan is usually tax deferred – you don’t pay taxes on that money until its withdrawn. You may also be able to open an IRA with your local bank or an on-line brokerage company if your company does not have a 401k plan or you are self-employed.
Disclaimer
Fresno-Bankruptcy-Lawfirm.com is owned by the Law Offices of Jeffery D. Rowe. We are a debt relief agency. We help people file for bankruptcy relief under the Federal Bankruptcy Code (Title 11 of the United States Code). If you would like to discuss your situation in further detail, please call our offices at: (559) 228-1500 to schedule a consultation.
Tags: 401k, chex systems, post-bankruptcy, savings, self-employed