hello, l have a 401k that has about 25k in it. l have a loan attatched to it for 7k. can l liquidate it and have the 7k taken out of the 25k. l am not interested in a ira just wanna liquidate it even if l have to pay the taxes on it. l dont have the 7k to pay the loan off first. please tell me if there is any way l can do this. i{m in a foreign country now and need the money l just moved a week ago. do l have to go through jpmorgan or do l have to go through my old employer...any help is greatly appreciated.

You have yo go thru your old employer they will cut you a check.

Go to the management company (JP Morgan). If you owe 7k you will get about 7k after taxes, penalties, and paying the back the debt.

go through your old employer. They will have jp morgan liquidate the assets and then they will send you some of the proceeds. If you have 25k of stocks and 7k of loans for a total balance of 32k then you will have $6,400 withheld and they will send you $18,600. They will send the $6,400 to the IRS but you will owe an additional 3k in early withdrawal penalties come April of '09 so do not use up all of that $18,600.