Overtime & Chapter 7

[jal592]

hello, i filed a chapter 7 about 2 weeks ago. i have been able to work a ton of overtime for about the last 6 months. it looks like i make a lot more than i really do, as the overtime will not last. i am scared to death that the trustee will say i make to much and dismiss my case. does anyone know if they count overtime? also we have a 2nd mortgage on our house which has a balloon payment due in 2018, would this affect a ch.13 payment plan if we had to convert? thank you in advance for any help, i think i am having a nervous breakdown!

[Minnymouth]

Calm down,

Did you file pro se???
How did you list your income? Weekly, monthy, or just gross?
I don't know about the baloon payment but yes I would say it would make a difference in how its handled.

Wish I could help ya more than this.

Minny

[jal592]

i hired an attorney to file. the paystubs he made copies of are my regular pay, but since i have gotten larger checks than normal and we have quit paying cc bills we have more money in the bank than we would have. also i want to wish you the best of luck on your situation, it is unbelievable. i also think you should try to go public with it.

[FoolAndHisMoney]

Not sure of the answer. Sorry.. I do know however under the post Oct 17th law OT made six months prior counts even if it's not there when you file. Not good

[quest42]

At the bottom of your Schedule I - Income - there is a space to write an explanation about anticipated increases or decreases... did you disclose the unpredictability of your overtime pay? You may need to file an amemdment to your sched I and your Summary. Be sure to ask your attorney about this!

[egul105]

If you filed under the old laws I can tell you my experience. I filed 7 in Texas the end of Sept. Up until the middle of Sept I made twice as much because I was working overtime and I'm a nurse so had decent salary to begin with. My pay was cut in half because I started back to school and the program I'm in is full time and it is such an intense program they don't want you working at all. I am working once a week and even that is hard because I have to study so much. I was scared to death that it would get thrown out and he would say I needed to quit school and work. He asked me why the cut in pay and I told him the truth, and added that I'm in the Army reserve and they are supplementing my income while I'm in school so I can't just back out of the program. He said I had a no asset case and my attorney said it would be discharged. So I think if you just explain the situation you'll be okay. He asked me when I would be able to work full time again and it will be at least 2 years, and he seemed satisfied with that.

[pink_amulet]

hello, i filed a chapter 7 about 2 weeks ago. i have been able to work a ton of overtime for about the last 6 months. it looks like i make a lot more than i really do, as the overtime will not last. i am scared to death that the trustee will say i make to much and dismiss my case. does anyone know if they count overtime? also we have a 2nd mortgage on our house which has a balloon payment due in 2018, would this affect a ch.13 payment plan if we had to convert? thank you in advance for any help, i think i am having a nervous breakdown!

That was our situtaion....Hubby is NEVER allowed overtime, and his summer he HAD to work overtime to cover a guy who was out on medical leave. I freaked out cause it would have put our budget out of whack. The lawyer noted our petition that it was only temporary. The trustee had no questions on it. We had our 341 on Monday and it is already listed on Pacer as no asset.
Hopefully it will work out for you, but I wouldn't worry too much.

pink_amulet

[rawar]

Re: Overtime

May be a good idea, to average your pay over the paast 12 months and put that down as your annual income.