Delima What would you do

[tadbitconfused]

Ok here it is... I work and make about 1200 per month take home. When I visited the attorney he suggested that since I just went back to work that maybe I should consider quitting and waiting the six month period and file chapter 7. My husband makes good money and with mine it puts us over the median.. I just feel like I am not doing my part but they want us to pay around 700-1000 per month for the 5 year period. If I go the other way I could file chapter 7 since I am losing everything anyway but darn I feel like my husband is carrying the burden all on his back. We are surrendering the house and me being out of a job late last year caused part of this problem in the first place and not knowing how to manage money was the second problem. What would you do?

[SamanthaJones]

I would rather enter Hades, than a CH13.

But if your house or or something depends upon it, that's another matter. Sounds like you got some darn good advice, michacha~

[tadbitconfused]

Cant the trustee say... Get a job.. and dismiss the chapter 7?

[FilingOnMyOwn]

Nope

All that matters is what has already happened. Although I wouldn't tell the trustee that you quit your job just so you would qualify for a chapter 7. But you will have to wait until after your 341 to go back to work. So you'd be looking at 8 months of not working.

[Spartan]

Let's do the math.

8 months of $1200 = $9600.

But you will be saving $700-$1000 a month for 5 years.
That comes to between $42,000-$60,000.

So, if you give up your job and wait 8 months, you give up $9600 in income, but save between $42,000-$60,000.

I suggest you join a gym and get in good shape during the 8 months that you are free. Then you wouldn't feel like you are wasting time doing nothing.

And when you get back to work, try to save $700-$1000 a month, as if you are paying off your BK. Imagine what you can do with around $50,000 saved up by then...

[CATCHMEIFYOUCAN]

I Did It !

tadbitconfused: Ok here it is... I work and make about 1200 per month take home. When I visited the attorney he suggested that since I just went back to work that maybe I should consider quitting and waiting the six month period and file chapter 7. My husband makes good money and with mine it puts us over the median.. I just feel like I am not doing my part but they want us to pay around 700-1000 per month for the 5 year period. If I go the other way I could file chapter 7 since I am losing everything anyway but darn I feel like my husband is carrying the burden all on his back. We are surrendering the house and me being out of a job late last year caused part of this problem in the first place and not knowing how to manage money was the second problem. What would you do?

I worked 2 full time jobs for 10 years. When I filed it put me over the median, and I saw 5 years of paying the trustee back $800 a month for 5 years! But I had a choice, quit one job, fall below the median, convert to Ch7. Wait about 2 months and OWE NOTHING ! If you had a choice like that YOU DO THE MATH !

SamanthaJones: But if your house or or something depends upon it, that's another matter.

Yeah THAT something to think about IF you have assets you want to keep (like your house!)

tadbitconfused: Cant the trustee say... Get a job.. and dismiss the chapter 7?

You are not forced to work. When the Trustee objected to my good faith plan of $250 a month he sent me to the judge to decide. The judge said Im not forced to work 2 full time jobs. I could live more Extravagantly to lower my disposable income based on what my actual schedules I and J produced ($800 a month). OR I could simply quit for a couple of months (convert to Ch7) and OWE NOTHING ! WHAT A DEAL ! And you know what, after I quit my day job, I picked up tons of overtime throughout the conversion (like I never quit one job), I made it through and am now discharged of all my debts ($65,000) and still continue to work like a horse, but the extra money ($800 plus some) is mine to keep FOREVER.

FilingOnMyOwn: All that matters is what has already happened. Although I wouldn't tell the trustee that you quit your job just so you would qualify for a chapter 7. But you will have to wait until after your 341 to go back to work. So you'd be looking at 8 months of not working.

Hmmm, at my Second 341 meeting (because I converted to Ch7), the trustee asked me why I converted. I simply replied I couldn't keep up 80 hours a week! End of story ! YOU could just say you lost your job ???

BEST OF LUCK, CATCHME-IFYOUCAN

[demismom]

Our attorney specifically told me NOT to take a job offer I'd just gotten the day before we met with him. He said you can look for a job in a few months, AFTER your BK.

[BKTango]

Honestly .... if you have already made the decision to surrender the house, and have done the math of what you will make at your job minus what you will pay out in the ch13 for the next 5 years. I would be quitting that job tomorrow. But that's just me. You have to make the best decision for yourself.

[almostthere]

My personal thought....not truth, but opinion.....

I NEVER want to go through BK again. Therefore, I would want to plan to ensure that I would indeed get a fresh start. Gosh..Although I understand it was my ignorance and carelessness that brought on this disaster, I think I have shaved off a few years of my health worrying and kicking myself. $1000 is a lot of money for 60 months. It's like the disaster all over again. I would avoid it if I could.

That's what I would do....to answer your question.

[Granny]

Ok here it is... I work and make about 1200 per month take home. When I visited the attorney he suggested that since I just went back to work that maybe I should consider quitting and waiting the six month period and file chapter 7. My husband makes good money and with mine it puts us over the median.. I just feel like I am not doing my part

Since I have stopped working, I have the time to prepare healthier meals for my family instead of eating out or ordering take out, I have the time to shop for cheaper insurance. We are now saving $40 per month on auto insurance. My house payment just went down $75 per month because I found cheaper insurance for the house and I got a $300 refund from the former insurance company. I will also be getting an almost $700 refund from the mortgage company because my escrow was too high. I use less gasoline because I am not commuting. I don't have to spend money on clothing and dry cleaning. When we need clothing or things for the house, I have the time to shop around for the best bargain. I now have quality time with my grandkids (which I am raising) that I wouldn't have if I were working. I can do more to take care of the house and therefore relieve my hubby from some of his responsibility. We save on taxes because of my reduced income. I could go on and on about how my family benefits from my not working.

Your value as a wife, spouse, lover and mother (if applicable) is not based on your income, but on ALL the ways you contribute to the union.

[NYCountry]

What is taking so long for your petition? Seems like a mighty long time.