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A Chapter 13 Debtor Cannot Use Income Available from Paying Off a 401(k) Loan to Contribute to Their 401(k) Plan!

In Seaport v Burden, a 6th Circuit case from 2012, the Court held that Chapter 13 of the Bankruptcy Code permits individuals with regular income can keep their property if they agree to a court-approved plan to pay creditors out of their future “disposable income. The Code requires, however, that a Chapter 13 plan can…