QUESTION
What will happen if I received a new job and due to file next week?
Asked on Jan 29th, 2013 on Bankruptcy - New Jersey
More details to this question:
I was laid off in October 2012 and have only been on unemployment since then. I was in the process of putting together my information to file a Chapter 7 but I just received a job. My previous 6 months means test is well under the amount needed to qualify but how will the new job affect the filing? I will not receive my first check until February 15th but my new salary is $48/hour on a 6-month contract. Will they try and convert the Chapter 7 into a Chapter 13? Thanks in advance for any help.
10 ANSWERS
Bankruptcy Attorney serving Cleveland, OH
at
Benson Law Firm
Update Your Profile
The Trustee will insist on looking at your income as a forward-looking matter. However, if your employment is set to last only 6 months, you may have a rather unique situation requiring a closer look by a qualified bankruptcy attorney.
Answered on Feb 04th, 2013 at 7:03 PM
Appellate Attorney serving Grosse Pointe Farms, MI
at
Musilli Brennan Associates, PLLC
Update Your Profile
I would immediately confer with a bankruptcy attorney to see whether or not your new job will affect your ability to qualify for Chapter 7.
Answered on Feb 01st, 2013 at 5:53 AM
Bankruptcy Attorney serving Phoenix, AZ
at
Law Office of D. L. Drain, P.A.
Update Your Profile
The simple answer is that you must disclose the change in your circumstances. You should hire a good chapter 7 and 13 attorney. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Feb 01st, 2013 at 12:54 AM
You should be discussing this issue with the lawyer that is representing you. Although your Means Test will not change, your budget (Schedules I & J) may have to change dramatically.
Answered on Jan 31st, 2013 at 2:58 PM
That is hard to say. It will depend a lot on your expenses. Your means test will not change but you will need to amend schedule I to reflect your anticipated income. You should use some of your earnings to hire an attorney if you don't have one. Feel free to contact me.
Answered on Jan 31st, 2013 at 2:58 PM
Bankruptcy Attorney serving Seattle, WA
at
Henry & DeGraaff, PS
Update Your Profile
Yes, there is a good chance you will face a motion to dismiss or convert to chapter 13. You should meet with an attorney to determine whether you should wait to file or possibly file a chapter 13 instead.
Answered on Jan 31st, 2013 at 2:58 PM
Estate Planning Attorney serving Wilmington, DE
at
Reger Rizzo & Darnall, LLP
Update Your Profile
They rely on your financial condition as of the date of filing so if you qualify today for a chapter 7, you should be fine.
Answered on Jan 31st, 2013 at 2:57 PM
You need to talk to your attorney about this. Your new income will have to be disclosed on Schedules I and J, and your available income at the end of the money after expenses may bar you from being able to have a successful Chapter 7 case.
Answered on Jan 31st, 2013 at 2:56 PM
Bankruptcy Attorney serving Plantation, FL
at
Moffa & Breuer, PLLC
Update Your Profile
Contact your attorney as soon as possible, there may be items that need to be changed and/or you may want to accelerate or postpone the filing.
Answered on Jan 31st, 2013 at 2:56 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
They should not, as it is based on the past 6 months.
Answered on Jan 31st, 2013 at 2:56 PM