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How long after losing job?

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Contributor

How long after losing job?

I’m about to be unemployed and was wondering how long I’d have to wait before filing. I spoke to multiple attorneys 1 says I can file right after being let go, the other says I need to wait long enough to pass a means test even though I have documentation stating my position is terminated. I currently make to much to file employed but I shouldn’t have any issue while being unemployed.

The attorneys in my area suck they all have 3-4 google reviews.
Message 1 of 20
19 REPLIES 19
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Community Leader
Senior Contributor

Re: How long after losing job?


@JohnKenny wrote:
I’m about to be unemployed and was wondering how long I’d have to wait before filing. I spoke to multiple attorneys 1 says I can file right after being let go, the other says I need to wait long enough to pass a means test even though I have documentation stating my position is terminated. I currently make to much to file employed but I shouldn’t have any issue while being unemployed.

The attorneys in my area suck they all have 3-4 google reviews.

Are you not enititled to unemployment, severance pay? Can you not find another job? 

EXP 758 TU 783 EQ 729
Message 2 of 20
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Contributor

Re: How long after losing job?

I’m entitled to severance but I could possibly decline it if that will help me file quicker.

The area I live in I won’t be able to find a job making what I make but I’d make enough where I couldn’t pay bills and to much to file chapter 7.
Message 3 of 20
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Valued Contributor

Re: How long after losing job?

are you behind on your bills?
Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

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Message 4 of 20
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Contributor

Re: How long after losing job?

No but once I’m unemployed I will fall behind quickly if I can’t file. I work in a career field that isn’t big in my area and the jobs I apply for I’m overqualified and they don’t call me back.
Message 5 of 20
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Frequent Contributor

Re: How long after losing job?

1.  The means test covers all gross income received in the 6 calendar months prior to filing.  If, in that window, your gross income puts you over median income and you do not "pass" the means test there will be a "presumption of abuse" if you file Chapter 7. The fact that you just lost your job does not change this.  The fact that you are now unemployed may or may not assist you in defending against the claim of abuse that will be brought by the US Trustee.  If you can wait until you pass the means test, why would you want to risk dealing with the US Trustee?

 

2. You need to tell your attny about the severance package.  Either the funds received (if not spent) or your right to receive funds will be an asset of the bk estate and, if not exempt, may have to be turned over to the Trustee if you file Chapter 7.  No one on this or any other forum should advise you one way or the other as it relates to "declining" a severance package.  You NEED to talk to an attny before you do anything.

 

Des.

 

 

 

 

Message 6 of 20
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Contributor

Re: How long after losing job?

I guess I’ll wait a few months to pass the means test. Thanks. Like I said attorneys here suck they all say something different.
Message 7 of 20
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Valued Contributor

Re: How long after losing job?

If you know you can't pay, don't pay anything that unsecured.

Quit using all credit cards.

Opening a new checking account with a bank that you do not owe anything to.

Save money for an attorney.

Then file in 6 months.

Rebuild started in 2014  -  $100k unsecured credit in 2017  -  $400k unsecured credit in 2020.

DON'T WORK FOR CREDIT CARDS ... MAKE CREDIT CARDS WORK FOR YOU!

5% Rotating - Discover                         5%-20% - Amazon & Lowes                   3-6% Groceries - NFCU & Amex Preferred
3-5% Gas - NFCU & Ducks Unl            4% Dining & Entertain - Savor               3% Travel & Hotels - Flagship, Propel, & Uber
2% Everything - Flagship & Syncrony






Message 8 of 20
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Contributor

Re: How long after losing job?

i'm getting a severance, the attorney said i should withdraw it because I'm allowed to have 10k on cash but if it's in bank it's considered liquid and could be taken away.  not sure how accurate that is.

Message 9 of 20
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Established Member

Re: How long after losing job?

There is nothing more liquid than actual cash.  Just because it is in your dresser drawer does not mean you do not have to disclose it to the trustee.

Message 10 of 20
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