Advice needed

[mathom1]

Advice please….

46 years old & 2 years into a chap 13 (5 year plan)

I’ve been offered a position that is ~ ½ of what I make now. It offers job satisfaction and a generous benefits plan plus a state retirement package.
None of which I have in my current position. My thought is to convert to Chap 7 and be done with the whole bankruptcy issue…Lesson learned!!

I’m leaning toward the new position but my financial genius is what got me in this spot to begin with…..any advice is appreciated.

[Pandora]

Questions are - do you have any priority secured items or assets that werent exempt in your 13 plan, and if so, will you be able to pay those in full / keep items based on new salary? Are you stripping a 2nd lien? Paying arrears on mortgage? Etc etc etc

[Flamingo]

This is something you need to discuss with your attorney. Your Chapter 13 plan is based on your financial situation on the day you filed. You have several things to consider...you've already paid two years into your 5 year plan...if you finish the plan successfully in five years the Chapter 13 will be off your credit reports. If you convert to a Chapter 7, you will have two BKs showing on your credit reports and the Chapter 7 will remain there for 10 years from your filing date. Also, since you are voluntarily changing jobs for a lower income, it may or could create issues or you could discuss the possibility of modifying your Chapter 13 plan if your attorney thinks it would be possible under those circumstances. Best of luck to you...

[mathom1]

Thank you both for the feedback.

I do have a house + mortgage arrears as well as a lien strip. We plan on letting the house go and renting (in this market, I can rent a bigger house than I live in for less $...crazy) Spoke with the attny awhile back, and he didn't seem to concerned. Said the mortgage arrears & lein strip would be gone when we let the house go.
Everything else that I know of, is in the general unsecured bucket.