Help Job Loss

[slfallin]

We are in our 26th month out of 55 mo. and my husband loss his job. We called the lawyer and no response yet--Can anyone tell me what to expect? I know that he will not be making the same amount of money when he finds a job probably a 10,000 -20,000 less. Will our payment go down? maybe even convert to a 7which I do not want to do since our truck is in there. Sorry I am rambling--Just a little nervous here. Thanks in advance.

L

[Flamingo]

We are in our 26th month out of 55 mo. and my husband loss his job. We called the lawyer and no response yet--Can anyone tell me what to expect? I know that he will not be making the same amount of money when he finds a job probably a 10,000 -20,000 less. Will our payment go down? maybe even convert to a 7which I do not want to do since our truck is in there. Sorry I am rambling--Just a little nervous here. Thanks in advance.

L

There are 2 things that can or will probably occur; first is that with the drop in income, your attorney may request a modification of your Plan to lower your payment since there is an income loss; the second is to convert to a Chapter 7. Your attorney can advise you since all depends on your financial state. There is no need to be nervous as this happens quite often. Also, the same will apply if your husband finds another job but it pays less than his first. The best thing for him to do is to try to get another job as quickly as possible and work with your attorney. Best of luck to you.

[slfallin]

Thank you so much! We have a conference call with our lawyer on Tuesday so hopefully things go well.

L

[ruggal]

The same thing happened with us at the five month mark of our 13. My husband lost his job, and was not eligible for unemployment. Needless to say we (really I) freaked out, and luckily he secured a job after 6 weeks. We would have been dead in the water if I had not received a bonus in the meantime.

I did speak with our lawyer, and they gave us some tips based on our Trustee that were helpful in the event something could not be paid. I won't say what he suggested, as he based his opinions on his experience with the local Trustee.

His new job as well, is significantly less than what he was making, since he'll be on a low base until his commissions start accumulating. I found a part time job on the weekends that I start next week to make up the difference. There are a lot of seasonal openings now, and knowing it's only temporary makes it a little easier to work seven days a week for the next couple of months. My husband is working weekends now as well, so for us it was something we could do.

Call your attorney, your state's department of labor. If he can at least get some unemployment, that may help in the meantime. Good luck, and keep us posted.

I know I was really thrown for a loop, and to make it worse, he was fired on his cellphone's voicemail...reminded me of Carrie, Berger and the post-it episode

[imbroke2]

ruggal-nice way for your husband to lose his job!
Anyway, my hubby lost his job right as we were filing, about a month after we filed and a month before the 341 as a matter-of-fact. That was almost 6 months ago and he is still looking; he was in the mortgage biz-and don't get me started on that. Anyway, we were confirmed and the payments are being deducted from my payroll, so we don't have to worry about that. He is collecting unemployment which has helped. Our lawyer knew all about the job loss and really made no big deal about it.
I would just make sure you get a hold of that lawyer; he'll probably just amend the plan as pp said. I know ours worked the numbers until it worked for us. Yes, money is really tight, but we're getting by. Good luck to you and I hope he finds something soon!

[slfallin]

Update

Spoke to the lawyer and we can reduce the payment for 4 months. Then we will have to see how much lower is his salary will be if it is at all. He has two interviews on Friday.

L