Sched I, known possibilities for financial changes

[Moneypenny]

Hi,

I have a few uncertainties about future expenses, and am planning an April 25 filing.

One is I just got a letter from 1st mortgage (a special adjustable) that my rate is going down, starting May 1st right after filing (its deducted from paycheck). It will be $130 less a month, until next year when it will probably go up or maybe a tiny bit down again (I know its a strange and very good mortgage).

Two, I am up for a promotion but dont know the result yet. I will probably know before filing, and it will go into effect July 1, on August 1st paycheck. A small increase that is likely but not certain.

Three, my state has reduced our salaries by 8% since August of 09, and this was supposed to be for one year. So it should end in Sept 10 paycheck. But, the salary reduction might be extended, no one knows. Our state is in turmoil.

On balance, there a a lot of possibilities for altered financial situation. How should I handle this, with the lawyer, with the filing, with the trustee? None of it is written in stone.

thanks!

MMP

[ConfusedinOC]

I feel your pain. I am a California state worker who has had a 15% pay reduction since last year due to furloughs imposed by our governor Arnold the Terminator. Unfortunately for me the courts have ruled that the furloughs are illegal and we are to report to work starting in April with our full pay. The problem with this is that the increase in income will push me into a CH13. So its kinda weird being the only one mopping around the office while everyone else is excited to get their pay increased.

[Moneypenny]

i got only 8% cut, but am not aware of an april resumption of full pay. well that will clear up some of my uncertainties, but maybe it does not apply to my division since it was a decision made by my governing body, which is funded by the state. Still, it's not enough to push into a 13 yet.

still would like to know about how to handle the thing about a promotion that is at least 51% likely in my estimation, and a reduction in mortgage starting after filing.

thanks,

MMP

[momofthree]

My dh is also a CA state employee, but we haven't heard anything about the pay being reinstated as of 4/10. Do you have a source you can link to? I just re-checked his dept website (which updates about the furlough issues as they unfold), and all it says is that on 2/26/10 the state's appeal was dismissed (so we won and it was upheld), but it doesn't really have any further info about when the regular pay will resume (if ever. )

Dh keeps saying that the governator is going to change it to a straight 10% paycut beginning in July when the furloughs end....

This whole situation is a mess. How many state employees are now filing bk or losing their homes over this ridiculous furlough/pay-cut bullcrap?

[Moneypenny]

Does anyone have any idea about what I should do filing look forward?

1. If I am not sure if I will get my 8% furlough back, do I need to even mention it as a possibility?

2. If I am not sure if I will get a promotion, do I need to mention it?

Should I bring these things up with a lawyer who might be trying to push me into a 13?

[momofthree]

Does anyone have any idea about what I should do filing look forward?

1. If I am not sure if I will get my 8% furlough back, do I need to even mention it as a possibility?

2. If I am not sure if I will get a promotion, do I need to mention it?

Should I bring these things up with a lawyer who might be trying to push me into a 13?

We didn't even have to mention it to our attny. Once he heard dh was a state employee, he knew the details on his own and basically told us that we'll probably never get that money back, so there's no point in putting it on the petition....

I'd definitely consult your attny, but stress that there is no guarantee that you'll ever see that money again, especially with the condition of the state's current budget....

[Moneypenny]

my furlough is different since its a state-funded organization that made the furlough decision, not the state. i dont think i am covered in the lawsuit. in any case, i dont know if the furlough will be extended or not.

also, i dont know about the promotion. do you have to tell them about something that might happen? I might have an accident and have surgery but that kind of "might happen" doesnt count obviously. And if I do get a raise, but I already filed, what do you do? Do you have to file some thing else or make some kind of formal announcement?