Situation.... Wife's plant is closing and so she will be losing her job. She will receive a bonus of several thousand when she is done. The money would be enough to pay off our 30% (60 month) but no where near enough to pay out at 100% as required for early payoff. We are under new law. My salary covers the house payment and trustee payment and that's it. What are my options if she does not find work? We can live off of her bonus for a little while but not long. If she does not find work, we will either have to bail on the 13 or try for 7. Anyone been down this road before???
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Yes, had something very similar occur with me but I did not receive any bonus or package since the company I worked for went bankrupt. We had just filed a month before this occurred. My attorney advised me to find a job as quickly as possible. I am sure your wife will be advised to do the same. In any event, contact your attorney immediately about this so you are guided in the right direction as to what you should do in your situation.
Best of luck to you both..._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket" -
If your wife does not find work, your attorney could ask the trustee either for a temporary change in payments, or amend your plan if her umemployment status is planned for the long term.
If she does not go back to work for a while, is there a chance you could convert to a chapter 7?
But here's hoping she finds a job fast!Chapter 7 Pro Se....Discharged Feb. 2006Comment
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