Query: Advice?

[treehugger1]

So, as many of you know I have been around this site for nearly two years. I am chapter 13 status but decided to give personal negotiations a try. I have been quite successful. Now, of all things, I applied for a different job in my profession and it appears that I might get an initial offer. I have looked carefully at the means test values in the US Trustee site, and I have determined that should I take the upper limit of the salary range that might be offered, I will satisfy the means test 10 - 12 months (I work in education and the new job would not begin until Sept of 08.) from now and potentially qualify for a BK7. Any advice/experience with dropping one job that pays $100K to accept a job that pays $45K. I know that Catchmeifyoucan went down this path, but are there pitfalls I might need to be aware of? In the meantime, I am paying down debt as agreed with those who will work with me.

Is one penalized for quitting a job that pays $100K and accepting a new job that pays close to the means test values?

I have already done "the math," and if the means test is solid, I will come out ahead in the next 3 - 5 years.

[rrockinggramma]

I am in no position to judge anyone that uses the law to their advantage. Were I in your shoes, I would definitely file a chapter 7 over a chapter 13 if I could.

[HHM]

No, you are not penalized for employment decisions.

[CindyLou]

catchmeifyoucan actually quit one of his jobs in order to convert, I think....a little different.

But regardless, I think the only way it would really matter is if you just quit working or started working part time in order to qualify for chapter 7 when you are able bodied...and still then....it is still really personal choice.

[CATCHMEIFYOUCAN]

Go for the 7 ! If you can survive on the lower income and ride with it for the couple of months during conversion, than shoot for the stars. When they asked me at the "conversion," again another 341 the Trustee asked me why I converted, I response, "I don't see myself working 80hrs a week for the 'rest of my life," he replied with a smile "I totally understand." If he/she should ask why you decided to take a lower paying job when you are able bodied than you can always say you couldn't handle the stress that came with being paid so much. Just a thought. During my conversion and waiting out the 60 days I picked up so much OT after I quit the one job its like I never quit (it was a risk!) but they never checked up on my income after I converted.

Best of Luck, Catchmeifyoucan

[danaf]

If the numbers work for you and you can deal with the lower pay, then sure - why not? There's nothing saying if you can't hack the lower pay in the future - that you can't try again for a higher paying job.

[AboutToBK13]

My thoughts ...

Can you get the salary back once you file? The long term impact more than 5 years out on your household income if you don't get your 6 figure job back will be significant.

While not in the exact same circumstances, we recently faced a similar situation. My wife works at the VA as a psychologist. We recently had our third child and kicked around the idea for her staying at home for awhile. We decided that the long term benefits of her being employed at the VA out weighted the short term cons of us filing a 13 vs. a 7. Yes I am considering 5 years or less to be short term.

I wish you the best in whatever decision you make, just make sure you consider all of the options carefully. You don't want to regret the loss of income a year from now.