Multitude of questions. I have an attny. Going to see them in an hour or so ( there goes $300). But, I need some advice from been-there and done-that people.
Anyway.. things were going ok in the filing process. I had some number adjustments to make after our 341 a few weeks back, but all looked pretty darn good.
Then I get a notice from the IRS that I didn't pay taxes on 6K of a 401K distribution in 2007. It's not true. The "tax calculation program" made errors, but that's another story. I'll dispute it and I didn't sweat that one too much. Now, I am sweating because, I got laid-off Monday.
There's a offer on the table for me that is equal to a couple of months pay plus, health insurance for the same time frame. The 'pay' is a one time cash payment. My questions are this.
1) Now that I'm without income, don't I qualify for a conversion from CH13 to Chapter 7 regardless of any means testing?
2) What claims if any will the Trustee have to my one-time severance payment?
3) Will the trustee view a continuation of health insurance as "income"
4) Is it to my advantage or disadvantage to fill the Trustee in on that IRS notice?
Anyway.. things were going ok in the filing process. I had some number adjustments to make after our 341 a few weeks back, but all looked pretty darn good.
Then I get a notice from the IRS that I didn't pay taxes on 6K of a 401K distribution in 2007. It's not true. The "tax calculation program" made errors, but that's another story. I'll dispute it and I didn't sweat that one too much. Now, I am sweating because, I got laid-off Monday.
There's a offer on the table for me that is equal to a couple of months pay plus, health insurance for the same time frame. The 'pay' is a one time cash payment. My questions are this.
1) Now that I'm without income, don't I qualify for a conversion from CH13 to Chapter 7 regardless of any means testing?
2) What claims if any will the Trustee have to my one-time severance payment?
3) Will the trustee view a continuation of health insurance as "income"
4) Is it to my advantage or disadvantage to fill the Trustee in on that IRS notice?