I'm planning to file Chapter 13 very shortly. I'm above the median income enough that it seems to make it impossible to file Chapter 7 on my own. My girlfriend and I will probably marry at some point in the not so distant future. Her income is currently reasonable but easily qualified her for Chapter 7 late last year (she's already received her discharge). When we marry, her income will reduce to (at most) $2,000 a month because she's going back to graduate school. With child care expenses, a car payment, student loan payments, etc, her "household contribution" will be $0.
My income is high now but will very likely also be decreasing due to hard times and some potential pay cuts at the company. I'm making about $10k/month now but suspect I could go down as low as $8k. Just above the median income on my own, but no clue how getting married will affect this. I pay $1900/month in child support so my family court expenses are rather substantial.
Will I end up being in a situation to convert (probably very early into the Chapter 13 plan), or am I better off waiting and hoping that things happen as planned (have a foreclosure sale pending within the next month)? Even if my income changed today I wouldn't see a means test effect for well over 4 months - can a 13 be converted to a 7 before it's even been confirmed? How does this all work? It's very speculative, and I'd hate to waste a ton of time at the lawyer's office asking all sorts of hypothetical questions - surely somebody here has gotten married and had an effect (either up or down) in their Chapter 13... anybody have any suggestions, hints, etc?
Thanks in advance.
My income is high now but will very likely also be decreasing due to hard times and some potential pay cuts at the company. I'm making about $10k/month now but suspect I could go down as low as $8k. Just above the median income on my own, but no clue how getting married will affect this. I pay $1900/month in child support so my family court expenses are rather substantial.
Will I end up being in a situation to convert (probably very early into the Chapter 13 plan), or am I better off waiting and hoping that things happen as planned (have a foreclosure sale pending within the next month)? Even if my income changed today I wouldn't see a means test effect for well over 4 months - can a 13 be converted to a 7 before it's even been confirmed? How does this all work? It's very speculative, and I'd hate to waste a ton of time at the lawyer's office asking all sorts of hypothetical questions - surely somebody here has gotten married and had an effect (either up or down) in their Chapter 13... anybody have any suggestions, hints, etc?
Thanks in advance.