I have lost my job and need the money to get my day too day bills paid and my savings has been depleted. I am already under bankruptcy. This will help with keeping my home. What do I need to do? What paperwork do I need to file? Who do I need to call? I have been told that I can't get access to the money for over a year October 2016 to be exact. There has to be some option available either borrowing against the account or a disbursement. Can you help?
Very sorry to hear about your financial troubles… they is certainly overwhelming.
First, consult with your bankruptcy attorney before attempting a distribution from an ESOP to understand the implications of these funds becoming liquid. You may want to consult with a fee-only advisor regarding the financial concepts of losing your home.
We all have an emotional attachment to our homes but sometimes we end up throwing good money trying to save something that is not worth saving. I have a new client who spent $200k from his IRA over several years trying to save multiple rental homes that were upside down in value. Yes, he was trying to do the right thing in meeting his commitments and the stress was eating him alive. However, there is a point where an investment or a home needs to be let go but our brains will tell us not to give up. Again, discuss this with your bankruptcy attorney and a fee-only advisor to untangle the technical and emotional aspects.
As far as the ESOP is concerned, every company plan is different in what the plan will or will not allow. Call your H/R department of benefits administrator as they are the ones best suited to answer these questions. You can also get more ESOP answers here http://www.nceo.org/main/article.php/id/55/
Best wishes for a successful recovery