Good news is Bad news & Bad news brings Good

[momxx5]

Any advice or even some same situations, please share....

The bad news is that DH lost his job today.

Well that is kinda good news because they have been laying people off since the first of the year and DH has been sick with worry, so now we know. Plus his job/company is really hurting in these economic times, thus he has been taking pay cuts, etc. New leadership has really been changing the whole vibe and DH knew he was not a good fit, after happily working his heart out and climbing the ranks for over 10yrs, the changes were not all for the good.


The good news is kinda split....
1.we will totally qualify for Ch 7
2.However, they offered a nice parting gift


The bad news....
they offered a nice parting gift (which would throw BK into a whirlwind because techically it will show income for many months, albeit no bonus, so actually will show decrease of annual income by over 40% so may put us back to Ch 13

The good news....
we'll have health care for 18 months at no cost (an unbelievable relief)
Also DH will have time now to look into doing something else and find better employment and start liking his job again

Oh, this all sounds like babbling, maybe tomorrow it will make more sense.

Thanks in advance for any info.

[keepmine]

I think it's all good news considering how many people are let go with minimal severance and no health care benefits.
As tough as things are now, you're in a far better spot than many.
It may take some thought but, I'd imagine you can still get this Chapter 7 done.

[zpbk13]

Not having to worry about health benefits for a time must be such a relief. One of the things that through someone close to me into bk was her husband losing his job and not finding anything for six months. Their oldest daughter was diagnosed with type 1 diabetes and then she broke her arm. I remember them saying the emergency room visit and all associated costs was something like $5,000. Of course, they had lots of other stuff going on too but that didn't help. OP - I wish you and your family all the best and that your husband finds a job he loves!

[catleg]

Plot out your income over the next year or two including salary and severance and try to pick out a point in time when a chapter 7 would work best for you.

Then, depending on how desperate your current circumstances are, work back about 6 months from that point and plan to stop paying the credit cards then.
Increase or decrease this time frame based on your current circumstances and pain tolerance for telephone calls.