New job - pre 341

[Donnieg66]

To shorten my story a bit I shall speak in somewhat broken sentences.

Lost home to foreclosure. $244k 1st mortgage repo'd/sold at auction for $165k. I received a 1099C fm 1st with "no" checked in bx 5 for "was borrower personally liable for repayment of the debt", and credit report shows $0 balance, $0 past due and account closed. Does this mean the $244k minus the $165k from auction is forgiven?

2nd mortgage HELOC originally $65k, I pulled $10k equity out, so HELOC at time of foreclosure was $75k.

I'm about to file Ch 7. I am unemployed. Lawyer determined "no asset" case.

My debt totals approx $100k, this includes the $75k HELOC, a credit card, and a flight education loan, which was not really a student loan but a revolving credit unsecured signature loan type mamma jamma. Everything else, old car, old motorcycle and old stuff, I own free and clear.

Now for my main question.....Over a year and a half ago I started testing for county jobs (they move very slow). It's looking like they might finally come across with a job offer....possibly before my 341 hearing. Starting pay would be $65k with excellent benefits and advancement opportunities. For me this is a dream job, a career, the last job I will ever want.

If this job offer comes across before the 341, will it kill the Ch 7? If it does kill the Ch 7 should I take the job anyway and deal with the 3-5 year hassle of a Ch 14? And realistically, just how much hassle is a 3-5 year Ch 14?

My lawyer said the job offer might affect my Ch 7 if pre 341, but after the 341 all the questions have been asked and I'm good to go. But then I see in other posts here that when you mention the job to the trustee at the 341 he/she may not even ask for details about the job offer/job, so your good to go with the Ch 7.

Thoughts, opinions? Any and all would be greatly appreciated.

Thanks to all. This place is a wealth of information. I did search the forum per the rules, but nothing addressed my specific situation.

D

73

[Meatstick]

There are alot of big "IF'S" in your post. If you file Ch.7 tomorrow you will probably have your 341 at the end of May. You may or may not have received the job offer by then. If you do get the job offer just inform the Trustee at the 341 "IF" he even asks about changed circumstances from date of filing.

Me thinks your worrying about nothing.

[justbroke]

Too many "ifs" to worry about. You will just need to see what the Trustee thinks "if" you actually start a job before the 341 Meeting. Remember, a job offer is not a job. Unless you have actually began to work, it's not a job. So if the Trustee asks you if your job status changed, the answer is no... even with an "offer" of a job. Understand?

Even if you started a job, that may not impact the Trustee's decision. Worse case, go into a Chapter 13, if you really need to deal with debt. Also, the 1099-C indicates the debt is forgiven, and since "No" was checked on the personal responsibility, looks like your State is a "no-recourse" State.

Me thinkest thou dost worrieth too much.