well, we're confirmed in our ch 13 plan

[jenski]

now the fun starts.

it's possible my wife will lose her job within two months. if we lose her income, i believe we'd be forced into a chapter 7.

but, does anyone know how her severance would be treated? what about unemployment benefits that she would be entitled to? this would all be counted as income, correct? if that is the case, we may be able to limp along awhile with the ch 13 payments as they are.

but, if gas, groceries, and everything else under the sun continues to go up, i think we'll need to file an amended plan to lower our ch 13 payment.

does anyone have any type of input into this situation?

i realize that i'm asking for opinions only and not legal advice!!!!

[Flamingo]

First, don't worry about your wife losing her job until it actually occurs. When it/if does, find out what, if any, severance package she gets (if she gets a severance, she is not eligible for unemployment but check with your Dept. of Labor to be sure of that; in our state you can't get it if you receive a severance package) and consult with your attonrey. The severance can be in lump sum form or payable periodically over a specific period of time and will be considered income. During that period of time to stay in your Chapter 13, she will have to find employment.

Everyone is feeling the pinch of today's higher prices and all the drop in stocks and house values due to the mortgage bust. No one is immune. You will just have to do the best you can with whatever income you have if she loses her job, gets a severance package and whether or not she can find another job. Then take it from there with your attorney.