Losing job in a chapter 13, how much time do they give you to find another job?

[espo1357]

Want to stay in the 13, to strip the second mortage, but I may lose my job in the next several months (cutbacks are coming).

Also, would there be a scenario where the second could still get stripped, even if I don't have a job and complete the 13?

Thanks!

[newbie2]

Want to stay in the 13, to strip the second mortage, but I may lose my job in the next several months (cutbacks are coming).

Also, would there be a scenario where the second could still get stripped, even if I don't have a job and complete the 13?

Thanks!

The 2nd is stripped upon the discharge of a Chapter 13. Give your attorney a call and go over with him/her what the scenarios would be in your specific case for a job loss. Often the trustees will allow you to miss some payments and still continue with the plan. It's case specific (how much are you paying in to unsecureds, any assets that you are paying for that aren't exempted, etc..) so it's really important to talk with your attorney about this. Good luck to you, I hope you don't lose your job.

[Flamingo]

Our Chapter 13 Plan specifically stated that even if you lose your job, the payments had to continue. If you should lose your job, notify your attorney immediately (of course you can discuss the possibility of you losing your job prior to anything happening but you actually have to lose your job before there is any issue). A Chapter 13 plan is known as a "Wage Earner's" plan and you have to have a job to be in one. If you lose your job, you will probably be instructed to try to find one ASAP and if you cannot within a short period of time, or find one paying way less or more, your entire financial scenario will have to be reevaluated and your plan possiibly modified or converted to a Chapter 7.