When can I quit work?

[bkchap7filer]

I have filed chapter 7 bk. I live with someone that I am not married to. I work part time. We didn't want me to work at all, but we really needed the money that I have brought in. After the bk is over, we won't need my income any longer as most of our bills were my credit cards. We want me to quit work as soon as possible. When can I do this? I don't want to mess anything up with my bk. I had my 341 meeting last week and it went well. I have filed a reaffirmation agreement on my truck. My lawyer checked the "no undue hardship" box as my income does cover my truck payment and a small amount towards food and we stated on the bk documents and in the agreement that I live with friends and family to support daily life. The trustee had no questions about this at my 341.

So, when can I quit? Do I need to wait until I am discharged? I know I should wait until I see an order come across PACER that the reaffirmation is approved by the judge...but just wonder when it is safe to quit to not mess with the bk in terms of saying that I anticipate no changes in my income, etc.

[AngelinaCatHub]

More info, please. How are you going to pay for the truck you just reaffirmed? Can your partner pay for it for you? 60 days is not that long to wait for discharge, I would be tempted not to make any undue waves. This is an opinion of mine only, not knowing more about your situation. 'Hub

[bkchap7filer]

Yes, partner will pay for truck. That is not a problem. We aren't married, but think of everything "together." My name was also on a car and boat, but I surrendered my interest and the partner will also pay for those items.

[TEW]

More info, please. How are you going to pay for the truck you just reaffirmed? Can your partner pay for it for you? 60 days is not that long to wait for discharge, I would be tempted not to make any undue waves. This is an opinion of mine only, not knowing more about your situation. 'Hub

I agree with Hub hang in there
I would not do a reaff on the truck

[bkchap7filer]

I know that 60 days isn't really very long....just hoping for sooner I love, love, love my truck. The reaffirmation isn't negotiable for me, unless of course the judge rejects it for some reason. I have a bit of equity in it, but we would be willing to fork over some dough to keep it if we had to, although my attorney says she doesn't think they will ask for it. I owe about $7400 on it and kbb value is $11,400. My state allows a $3k exemption and I used almost all of my $600 wild card for this item. My payments are current and have never been late.

In all honesty, my truck is the one thing that has made me the most nervous through this whole thing

[bkchap7filer]

Hey, TEW, just noticed that you were discharged yesterday (Sunday?) Anyway....congrats!!!!

[AngelinaCatHub]

I know that 60 days isn't really very long....just hoping for sooner I love, love, love my truck. The reaffirmation isn't negotiable for me, unless of course the judge rejects it for some reason. I have a bit of equity in it, but we would be willing to fork over some dough to keep it if we had to, although my attorney says she doesn't think they will ask for it. I owe about $7400 on it and kbb value is $11,400. My state allows a $3k exemption and I used almost all of my $600 wild card for this item. My payments are current and have never been late.

In all honesty, my truck is the one thing that has made me the most nervous through this whole thing

If you quit your job, the Judge could negate your reaffirmation. The Judge must approve the reaffirmation and if you have no visable means of support, how can you pay for the truck? Also it would red flag me if I were a Judge as to what income do you have that you are not addressing. Even your partner should actually be named as a source of income. Married or not, if he/she is contributing to your welfare in any way, that is income. 'Hub

[bkchap7filer]

Hub--I hear ya, but we asked my attorney about this and she said it was advisable to keep my expenses separate and not address any support I receive as it goes directly to expenses..so a wash. I was a bit concerned that the trustee would ask about this at my 341 (not for reaffirmation, of course, but just schedules in general), but he did not.

So, the bottom line is that I should really wait to quit until discharge? Thanks

[AngelinaCatHub]

Yes I believe that would be wise. Also Mrs. Cat stated she read in the NOLO book, Chapter 7 book, page 22 one reason for a fraud if you quit your job voluntarily so that you can bankrupt. You don't want to get a fraud against your bk as you then could be dismissed. 'Hub

[TEW]

Hey, TEW, just noticed that you were discharged yesterday (Sunday?) Anyway....congrats!!!!

Not just yet shuold be soon

[hnhlvr]

Sorry, but I don't understand why you're quitting your job if you're in such financial dire that you're declaring BK.

[bkchap7filer]

Well, I won't be after I file bk. I (well, my partner on my behalf actually) currently pay about $2500 monthly in MINIMUM credit card payments. They are (or were before bk) current, but that is because we were living on credit cards. After the bk discharge of these debts, I will no longer need to work to pay our monthly expenses. I don't know why that is hard to understand. I don't make much money, but we need it for survival now. If I no longer have $2500 per month in minimum payments, I don't need that small amount of money.

[imoverit]

Yes I believe that would be wise. Also Mrs. Cat stated she read in the NOLO book, Chapter 7 book, page 22 one reason for a fraud if you quit your job voluntarily so that you can bankrupt. You don't want to get a fraud against your bk as you then could be dismissed. 'Hub

Can you elaborate a little more on this? I am planning on quitting my job and going back to school full time. We plan on filing sometime around April 09 we just stopped paying everything this month and I plan on quitting in a couple of weeks.

[AngelinaCatHub]

Can you elaborate a little more on this? I am planning on quitting my job and going back to school full time. We plan on filing sometime around April 09 we just stopped paying everything this month and I plan on quitting in a couple of weeks.

I'm sorry but Ms. Cat is not home, and I need to find the book and copy the page. This may be a bit of a copy right problem, but she read it to me this morning. If you will file this far into the future, you may be good to go. I think your partner has far too much debt as well. I wish you good fortune. 'Hub

[bkchap7filer]

Thanks for the well-wishes!! A true debt to income ratio assessment shows the partner at 29% when all is said and done, so that is acceptable. A debt to income ratio doesn't include monthly living expenses like food, clothing, cell phone, etc, etc, etc but is a standard way to compare debt loads, so we are feeling comfortable at this time. However, no one knows what the future holds for anyone in terms of what bumps in the road may lie ahead.

Thanks again to the people on this forum for your awesome advice!!!!