Options if job loss after filing ch13

[pcn]

I'm trying to get a feel, given the current atmosphere at my employer, what options there could be if we file ch13 and then several months down the line our plant closes. Converting to a 7 is possible, correct? But then I understand the assets we tried to protect in the 13 would be fair game in the 7 (?). I am married and the only full time income in the family. If I could find other employment quickly it would be a fraction of what I currently make. Are ch13 plans renegotiable in job loss situations? I would assume it would depend on showing some disposable income to pay toward the plan? If worse came to worse saving the house would be our man priority, so the very few protected assets could be sacrificed to move to the 7. What info have I left off to help you with advice? Thanks!

[Flamingo]

When you file Chapter 13, your Plan is based on your income at that time and not on what may happen two years later. If you lose a job anytime after filing, you are still responsible for making those monthly payments so one would need to contact their attorney ASAP; the attorney will usually advise getting another job ASAP and if that is not possible or doesn't work out, one can convert to a Chapter 7, modify the Plan or look into a hardship discharge if possible. If there is an increase or decrease in income after filing, plans can be modified.

You may not have an option whether or not you can or cannot file a Chapter 13 right now depending on your situation so if you have to file a Chapter 13 for protection, file it and don't worry about what may or may not occur a few years down the road. One can drive themselves crazy worrying about events that might not happen and it is the "now" that counts.

Best of luck to you!