Hypothetical Job after Filing

[dovette7]

We filed. Plan includes:
$66000 Secured and Priority
$132000 Unsecureds.
Proposed Plan Payment: $1560 = 1% to unsecurds.
Waiting on attorney to find out what trustee wants.
This plan is based on my husband's income only as I have been injured and not worked in 6 months.
Confirmation should be May 15th.

I applied for a job, now that I am better.
Base is $45K plus commissions: Sales Job so commissions should/could be anywhere from $15K - $200K over the next 3 years (per possible new boss)
Or I could be terrible at it, and get fired. Who knows. However:

If I got this job, all my bring home pay minus new expenses (lunches, xtra gas, etc) would be the increase in my plan payment.

I could
1. Go for it, and try to go from paying 1% to 100% sooner than 60 months or
2. Stay home, watch the baby and wait out 60 months.

It would be very hard, going to work and get no money coming into my house, however in all reality, I spent all of it 2 years ago maxing out my credit cards. If I was making a dent and working to pay it off early and get out of this quicker. That seems like a good thing.

Opinions??

[CATCHMEIFYOUCAN]

Way out the "checks and balances,"

My choice was to pay $800 back the next 5 years in Ch13 plan and continue working 80 hours a week (not 40) due to 2 full time jobs. The judge said I'm not forced to work 80 hrs a week. I could quit one job for a couple months and convert to Ch7 and pay nothing, or be stuck the next 5 years paying most of it back. HAH nooooooo way, YOU DO THE MATH.

Best of Luck, CMIYC (of course I don't have any obligations like you - no kids, no assets etc)

[SinkingFast]

Ya know, Dovette,...............

The easy answer is stay at home. Watch the baby.

But I know full well, for women more so than men, staying out of the work force any amount of time is a Career Killer.

So maybe you spin your wheels financially speaking with the BK. But you keep your Resume current.

You've got to consider that too.

[CATCHMEIFYOUCAN]

Even the day after the 341 Meeting you might consider picking up a part time. They say you can pretty much do what you want after the 341 meeting (I guess if you are filing Ch7). I've been doing killer overtime throughout my whole BK process. The Trustee already had all he needed and nothing more (bank statements & paystubs). After I decided to quit one job to fall below the Median so I could file Ch7, I continued to work like I still had a full time job, I guess I took a risk, BUT the Trustee never asked for additional bank statements or paystubs to prove I was staying below the median. Case Closed (well not really, Case Discharged, awaiting Closing - No Assets afterall).

Best Wishes, CMIFY

[SinkingFast]

It's different CMIYC for Ch 13 filers than for Ch 7 filers.

Ch 7, the BK Estate exists for 180 days after filing, barring any extensions or Objections.

Ch 13, the BK Estate exists for the duration of the payment plan.

Depending on the Trustee Dovette draws, they may be basically done once their plan is Confirmed. The Trustee might not care much what happens as long as the payments are made on time.

Another Trustee may be a stickler for the rules. Want to see every income tax return filed. Want any major job changes or pay increases disclosed.

It's really gonna come down to the Trustee and how thorough he/she handles the case.

[dovette7]

I already know that my trustee wants everything. All tax returns for all 5 years and any refunds for all 5 years. We have to take additional money out each week for taxes and put in a savings account so we won't owe at years end. Trustee wants quarterly savings account records. Any income changes... he wants to know.

I may not be offered this job. But if I am, I am torn as to what is the best route for me. I know my payment plan will be increased to what my bring home pay minus additional expenses will be. At just the base salary, with no commissions... We would go from paying 1% over the 5 years to paying 100% and eliminating 10 months. I just don't know.

Of course, I'm still waiting to be confirmed. Not sure what trustee wants payment to be yet

This is all hypothetical but I'm trying to plan. This is just so hard!

[CATCHMEIFYOUCAN]

I yes I know its different for Ch13ers because I was going to be in one myself and the Trustee just wanted everything ! After I converted he like totally wanted nothing to do with me ! Fine and dandy

Best of Luck, CMIYC

[aa06a47]

dovette, you would be workig for nothing. Best to set it out for the duration of the bankruptcy.

[CindyLou]

why not put the needs of your child first???? It would not benefit your child for your to work and bring home no extra income. Your child would be with a babysitter or daycare for 8 hrs a day and it would result in no adiditional quality of life. It seems like a no braniner to me, but I guess you need to make the decision that works for you. Another thing to think about it that if they put you in a 100% plan then if something happens and you cannot work or your hours decrease then you are stuck making that huge payment until you can go back to court and ask that it be changed. Sounds like way too much trouble for nothing!!

[Granny]

Ya know, Dovette,...............

The easy answer is stay at home. Watch the baby.

But I know full well, for women more so than men, staying out of the work force any amount of time is a Career Killer.

That's exactly what has happened to me.

Before I quit my job to stay home with the grandbaby, I was making 50k+, had years of experience in my field, prestigous job titles, educated with a double major, passed the gruesome exam and licensed for 10 years.

Now I can't get a job, "I'm not current" "I don't work a 40 hour week" (no, it's more like 120 hours a week), "I haven't had to answer to anyone" (social worked and adoption judges apparently don't count). I can't get a lessor job, I'm over qualified.

But you know what, it was all worth it to not have these babies in daycare. To know they were cared for properly, feed healthy meals, taken to the park to play is far more reward than working 55 hours per week for a boss who only wants more.

[dovette7]

Thanks for your advise everyone. Granny, I would be taking care of my grandchild also. My daughter, his mother, is a minor and in school still. I've prayed a lot about this in case the job is offered, but I am feeling that staying home with him would be the best all the way around. I appreciate all of your input.