Chapter 7 Filing / New Job afterwards..

[Cavedog]

I am married and my wife is pregnant. She will not be working after our 2nd child is born for at least a year. Paying $1300 a month in daycare costs is going to be impossible in addition to our current mortgage payment and minimum credit card payments, so we are moving back into our old rental which is 1/2 the cost of our current house and plan on filing in March/April of next year. With the decrease in mortgage payment and the reduction of credit card debt, and the fact that our first child can start Kindergarten in September of 2011, she will then be able to go back to work hopefully.

Is there a time constraint from when we file to when she can go back to work? If we file chapter 7 in April of 2011, and my wife happens to find a good job in September of 2011, would we get penalized or anything?

Thanks.

CD

[nc73]

This has been discussed many times. If it is after the 341 meeting you will be fine. Per your timeline it will be ok. Although you're meant to indicate if your income will change within the next year or so.

[catleg]

Sounds like you've got a good plan.
Obviously you keep your mouth shut about any intentions to start working.
Loose lips sink ships.

[Cavedog]

Thanks both of you. I thought we would be ok and just wanted to get some outside opinions.