Considering taking a job with about a 20k less/year...what happens?

[espo1357]

So, right now my job is a joke and the pay/hour isn't that great.
I have a shot for something that I love and went to school for, and its ready for a change although the pay is less.

My question:

What happens to my Chapter 13 that is already confirmed in a situation where I am going to take a huge paycut.

In fact, I would now qualify for a 7 if I take this job, but I would still want to stay in the 13 to keep the home and strip the second.

Any thoughts?

Thanks.

[lrprn]

After the pay cut, your attorney modifies your Ch 13 using your new reduced income the Means Test and Schedules. If the results don't show enough disposable income (generally at least a positive $120-160/month) to support continuing your 13, then you can't stay in your Ch 13. Your trustee will dismiss your case because you can't pay even a minimum Ch 13 payment that nets your creditors at least what they would receive in a 7.

Have you considered converting to Ch 7, then surrendering the home and walking away for a truly fresh financial start?

[espo1357]

After the pay cut, your attorney modifies your Ch 13 using your new reduced income the Means Test and Schedules. If the results don't show enough disposable income (generally at least a positive $120-160/month) to support continuing your 13, then you can't stay in your Ch 13. Your trustee will dismiss your case because you can't pay even a minimum Ch 13 payment that nets your creditors at least what they would receive in a 7.

Have you considered converting to Ch 7, then surrendering the home and walking away for a truly fresh financial start?

Ya, I think I might do that. but, I need a place to stay and this home is similiar to renting.

I just can't take this job I am in much longer. I am going to have a nervous breakdown soon, and with my education, I can find a job I like for a lot less.

I guess I could just take the lower paying job and bite the bullet, right?

Another question, what happens if I just quit my job?

I am not going to do that. But, sometimes, quitting the job is better than a nervous breakdown (never have had either in my life, but I think quitting the job would seem to be the less of the two).

Thanks for your response.