Temporary increase in income

[basketsbears]

Hi All,

We are planning on filing Ch 7 in June. I will be on break from school for about one month mid July - mid August. If there were extra hours I could pick up at work during that time, is that allowed? Would it mess up our filling for a 7?

I would like to be able to make some $ to pay for my tuition and not take any more student loans - already have WAY TOO MANY right now. In fact, for my summer classes, they will be about $3000-$3,500 and I am in a panic in a way to pay for them. I can divide it in 3 installments, so will be doing that. That way I could work extra and get my summer classes paid off, and maybe have some extra $ for fall. I had thought tuition would be about 1/2 of that, but found out that they added 3 credit hours to our summer plan. I am in the process of applying for a lot of scholarships that are for students who will graduate within a year. I cannot wait to graduate next year!

Anyway - I do not want to mess any of this up as we have waited so long. The reason I am asking now, as opposed to later, is I am trying to figure how to do all this and get everything paid like I will need to graduate on time.

Thanks for listening!

Lynn

[Drazil65]

DH always worked part time during the school year (he is full time student with clinicals) and worked full time hours at that job during breaks with no issues. We were well below the median income requirement for a family of 3 (by $20,000) for our chp 7 so we knew it was not going to be a problem. We did check with our attorney just to confirm this.

[Drazil65]

Also, forgot to mention that you will want to make sure, if you have to take a student loan, that the school will ceritfy during the summer, ours did not so we had no choice to find a way to pay for the last 2 summers classes. Good Luck!

[ValleYum]

Can't you balance out any income with an entry on your Schedule J for the summer tuition? I would think that it is necessary for employment. Just thinking out loud & likely am wrong at this hour of the morning!

[basketsbears]

Also, forgot to mention that you will want to make sure, if you have to take a student loan, that the school will ceritfy during the summer, ours did not so we had no choice to find a way to pay for the last 2 summers classes. Good Luck!

Hi, I am a nurse practitioner student and will have clinicals next fall and spring.

I had talked with the school about getting another student loan for this summer, but I have used up this year's federal loans, and I just do not really want to take the graduate plus loan, and I don't even think I would be able to since we just will have filed in June. We are above the median income now, but once my husband's VA stipend stops (in May) then I believe we are right around the median income. That is why we have to wait. I will check with my lawyer to be sure before I do anything.

My question is - what do you mean that "the school will certify during the summer"?

Thanks!

[basketsbears]

Can't you balance out any income with an entry on your Schedule J for the summer tuition? I would think that it is necessary for employment. Just thinking out loud & likely am wrong at this hour of the morning!

Hi!

I had thought of that too. I will have to wait and see.

A lot would depend too if there are even extra hours to pick-up. This winter for about two months, things were extremely slow. There isn't any guarantee on extra hours, and if the hospital is slow all over we go home.

[Drazil65]

Our student loans had to be certified by the school each semester in order for the funds to be released. They would certify that he was full time and I am not sure what else the loan people needed but they would not agree to release funds once we applied if the school did not certify. Last summer when we applied for his summer session, Sallie Mae approved us for the amount we applied for but when they sent in the info to certify the school sent it back and told them that they do not certify summer semester. It set us back because his program required he go straight through the summer. Good Luck to you with all this and with clinicals .

[basketsbears]

Thank you.

I emailed my attorney yesterday about trying to pick up extra before we file, which she said it may put us in a 13 - so in the big picture - I am going to wait.

Thanks again!