Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Losing job, 2 months severance

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Losing job, 2 months severance

    Hello. I am in Chapter 13 and just lost my job. I am receiving $6000 net lump sum severance based on two months work. I lack 12 months being discharged. I will receive $170 week net unemployment. I currently pay $872.00. I contacted my attorney and he indicated they would motion the court for a smaller payment. My question is how will the reduced payment be calculated with the unemployment and severance? Is it 6 mths income going forward? Thank you. My attorney has failed to call me back for two weeks.

  • #2
    Sorry to hear about your job loss. Hopefully you will be able to find a new one and better paying.

    I can't address what is legally right or wrong but I retired while in my 13 with about 1 1/2 years to go before discharge and received a lump sum payment of accrued vacation time which totaled about $9K. I figured since I was not going to make nearly the amount of money yearly, even with the added lump sum payment, what's the point in getting the trustee involved. As long as I could make the monthly plan payments and my yearly gross pay did not exceed the amount at which we initially filed, far be it from me to "rock the boat".
    Last edited by BNKRPTinNC; 08-06-2014, 03:08 PM.
    Filed 11/10/08

    Discharged 2/18/14

    Comment


    • #3
      Thank you for the reply. It would be ideal if I could continue to make the payment at that amount but unemployment will barely cover my mortgage and I now have to pay Cobra Insurance which is over $500 a month. The severance I might be able to stretch from 2 months to 4 so I really have limited choice on a payment reduction. I'm really frustrated because I have worked hard as we all have to pay this in full. I am sending out resumes as fast as I can.

      Comment


      • #4
        You should call your attorney and leave a message. I would call once a day until I reach the attorney. (Even though things move a little slow in bankruptcy, you still need to get this done.)

        I would also follow my attorney's advice on this. Chapter 13 plans and how to modify a plan is very specific to the individual debtor's circumstances combined with local customs and rules. Don't worry about how the new payment will be calculated. Just wait for the new payment value to be calculated. If it is less than the original, be happy. If it is more than the original, then you can talk more with your attorney.

        Do you recall whether you needed the Chapter 13 to save property, or because you were over the median?
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          Thanks for replying. I filed Chapter 13 because my wages were over the median. My concern is I've made it the past 4 years just barely but with this job loss I have no clue. I'm 12 months out and this happens, its just another overwhelming time but I will get thru it. I appreciate your advice.

          Comment


          • #6
            If you lost income, you should not just "struggle" to stay in plan. You should always contact your Chapter 13 attorney and see what should be done. There are options other than struggling. The only time I would lean towards struggling is where a Chapter 13 debtor was trying to save Real Property (a home) or is depending on a lien strip.

            There are things that can be done if you're not in a 0% plan. It is possible to have the plan payments lowered and you could even go into a forbearance for a month or two while deciding whether to convert to a Chapter 7.
            Last edited by justbroke; 08-07-2014, 04:50 PM.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog


            I am not an attorney. Any advice provided is not legal advice.

            Comment


            • #7
              Thank you so much, this has made me feel much better. I heard that if creditors had been paid as much as they would have under a Chapter 7 that Chapter 7 wasn't an option with having just 12 months to go. Its all unsecured debt. I will keep following up with the attorney office like you said too.

              Comment


              • #8
                I don't really understand your mentioning the Chapter 7 Liquidation Test. That test is solely a requirement in a Chapter 13 where a Chapter 13 debtor is not in a 100% plan and they are required to pay unsecured creditors at least as much as they would have received if the debtor filed a Chapter 7. If you convert to a Chapter 7, your estate does not change. It is still the Chapter 13 estate and you would still be subject to "liquidation". However, if your Chapter 13 has already paid unsecured creditors as much as they would have received had it been a Chapter 7, this test is done and over with!

                Besides, even if you did convert, and there was "non-exempt" value that was not paid in the Chapter 13, you could just surrender that property, just as you could in a straight Chapter 7.

                Again, speak with your attorney. And, don't believe everything you read on the Internet.
                Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                Status: (Auto) Discharged and Closed! 5/10
                Visit My BKForum Blog: justbroke's Blog


                I am not an attorney. Any advice provided is not legal advice.

                Comment


                • #9
                  Thank you so much, this has made me feel much better. I heard that if creditors had been paid as much as they would have under a Chapter 7 that Chapter 7 wasn't an option with having just 12 months to go. Its all unsecured debt. I will keep following up with the attorney office like you said too.

                  Comment


                  • #10
                    You are right about the confusion because I have no idea how bankruptcy process works. I should know more having been in it 4 years. I will just keep contacting attorney office. If they will answer my original post I might stop stressing.

                    Comment


                    • #11
                      HI Just a few comments few someone who is currently in the same boat. I was 48 months into my 60 month plan when I lost my job- I immediately contacted my atty who refiled my plan with trustee. My payment was reduced from $1600.00 per month to $55.00 per month which I believe is bare minimum. Once I am settled into a new job (which G-D willing will be soon) my atty will refile with new salary, taxes, insurance etc.
                      As JB said.. call your atty and if they don't respond keep calling or go to their office.
                      It will all be ok.
                      Filed 7/17/10 1st 341 8/17/10 2nd 341 9/16/10 1st confirmation 10/06/10 2nd confirmation 11/10/10 Bar Date 11/15/10 3rd and final confirmation hearing Dec 8 and acceptance of plan Dec 29 2010....

                      Comment


                      • #12
                        Wanted to post a quick update. The attorney did call and they will be reducing the payment to one that I can afford. Thank you all for the support that was much needed.

                        Comment


                        • #13
                          I am very pleased to learn that you worked with your attorney to lower your payment. I only wish that other Chapter 13 debtors would seek help immediately upon having a financial setback. A Chapter 13 is not intended to be punitive by any means.
                          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                          Status: (Auto) Discharged and Closed! 5/10
                          Visit My BKForum Blog: justbroke's Blog


                          I am not an attorney. Any advice provided is not legal advice.

                          Comment

                          Unconfigured Ad Widget

                          Collapse
                          Working...
                          X