What if I lose my job and I don't want to get another one?

[nsupanda]

My husband and I are at 100% payback. There is a very slight possiblity I may be losing my job (I work in a local governement and we have just gotten new elected officials). If that is the case, I do not think I want to work, for a few years anyway. I would like to stay at home with my children if possible. Is it an option for me to not work, and if so, will they have to modify the plan payment? Or will my payment stay the same and I'll have to find another job whether I want to or not?

[AngelinaCat]

If you lose your job through no fault of yours, you would then be eligible for Unemployment Compensation. Whether you choose to apply for it is your business. However, you will have to report your change in income and employment status to your attorney, who will then report it to your trustee. Then you and your attorney will need to decide what is best in your particular situation.

Good luck to you!

[lrprn]

No, you cannot be forced by the court or your trustee to find another job if you lose the one you have, or even if you choose to walk away from it voluntarily.

You need to let your lawyer know right away so that he/she can rework your financial figures to see how it impacts your disposable income calculations and see if your confirmed payment needs to change to accommodate your income loss.

Keep in mind that any expenses (child care, clothing, transportation expenses, etc) related to your job also disappear once you have no job. It isn't just the loss of your income that impacts your case.

Of course, if your job is eliminated, there's nothing voluntary about that. At least you have a most excellent reason to stay at home which sounds like that's what you would rather do anyway.

[ValleYum]

Panda? Is there any chance you could convert to a Chapter 7 and be done? I don't know if you have assets you are trying to keep so that may make my question a moot point.

I wish you well.

[Flamingo]

My husband and I are at 100% payback. There is a very slight possiblity I may be losing my job (I work in a local governement and we have just gotten new elected officials). If that is the case, I do not think I want to work, for a few years anyway. I would like to stay at home with my children if possible. Is it an option for me to not work, and if so, will they have to modify the plan payment? Or will my payment stay the same and I'll have to find another job whether I want to or not?

What you need to do here is discuss this in full with your attorney. If you lose your job, everything about your present Plan changes and if you are trying to keep a house or other assets, it can become very complicated and you could lose your home. You yourself would need to decide if it is "an option for me to not work" after going over the entire scenario with your attorney who knows your situation the best. Best of luck to you...

[nsupanda]

Thanks for all your replies. Before I filed I discussed this with my attorney becuase of the type of job I have. At that time, the election was in full swing and there was no way of telling who was going to win. I told him there was a chance I could lose my job if whoever won brought in a new team of employees.

My attorney's advice at the time was that I would need to notify him ASAP if that happened and he told me to look for a new job as soon as possible. I never brought up the option of me not working at all, because of the way he said, "And you'll need to find a job ASAP".

[IamOld]

nupanda, sounds like your brilliant elected officials believe that if they fire folks the economy will magically get better!! (we had some fools elected here as well).

Re what atty said - that's a bit odd...do you have secured arrears you're paying thru the 13?

[nsupanda]

The only thing secured are our vehicles, we do not own our house.

[IamOld]

Then it may be worth giving the atty another call - just to run the POSSIBILITIES by the atty - if there are no arrears paid thru the plan...then it SHOULD be possible to reduce it IF (and hopefully IF...) you lose your job.

[Flamingo]

Thanks for all your replies. Before I filed I discussed this with my attorney becuase of the type of job I have. At that time, the election was in full swing and there was no way of telling who was going to win. I told him there was a chance I could lose my job if whoever won brought in a new team of employees.

My attorney's advice at the time was that I would need to notify him ASAP if that happened and he told me to look for a new job as soon as possible. I never brought up the option of me not working at all, because of the way he said, "And you'll need to find a job ASAP".

Please note that a Chapter 13 cannot be based on the probabilities of what may happen in the future....it is based on your financial situation at the time of filing. When and if a circumstance occurs to alter your financial status, that is when one immediately contacts their attorney to find out their options. Shortly after we filed our Chapter 13, the company I worked for went bankrupt and I was out of a job just a few months into our Plan. Our attorney advised me to get another job as quickly as possible because even if one loses their job, those plan payments have to be made (indicated in the Plan paperwork itself). I obtained another job very quickly but at $6,000 per year less and our attorney was able to get our Plan modified. All situations are different and you need to work closely with your attorney if and when you lose your job, quit, etc.