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How long after losing job?

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Member

Re: How long after losing job?

like i said all the attorneys in my area are crap, I would prob be better off filing without one and saving the money.

Message 11 of 20
Regular Contributor

Re: How long after losing job?


@JohnKenny wrote:

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.


Being "allowed" to keep an asset depends upon the exemption you can claim.  I don't believe you indicated what State you are in and whether or not you have resided in that State for at least 2 years so there is no way to look up your allowed exemption.

 

Des.

Message 12 of 20
Contributor

Re: How long after losing job?


@JohnKenny wrote:

like i said all the attorneys in my area are crap, I would prob be better off filing without one and saving the money.


It's difficult to believe that you can't find one attorney that you feel comfortable with?

 

I had consultations with 6 attorneys, and saw 2 of those attorneys twice, so 8 meetings with 6 attorneys before i decided on who to handle my case.   And i chose the 6th attorney.

 

Sounds like you need to spend any money you have in the bank , on expenses, car repairs, new roof or something...and keep receipts.  Cool your jets for a few months and file.   You need to be flat broke the day you file with no major movements of cash that can't be accounted for.  I had $60 to my name the day i filed.

 

Good luck man.  I'm a nobody on here, but the help and support from others is tremendous to say the least.  Do your own research and listen to these people.  I had a pretty good understanding of the process before i went to each and every consultation. And the attorneys acknowledged that i came in there knowing a fair amount of a BK filing.

Message 13 of 20
Valued Contributor

Re: How long after losing job?

Pretty simple.

Take your severance, quit paying credit cards, file when your money runs out.

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Message 14 of 20
Member

Re: How long after losing job?

say i get my severance, apply to WGU college.  will i get questioned on why i spent money on college before filing?  and I live in Mississippi and have been here for over 2 years.

Message 15 of 20
Regular Contributor

Re: How long after losing job?

You indicate you live in Mississippi.

 

As I said before no one on this or any other Internet forum should be advising you on what to do with the severance package - Period. If you take someone’s “advice” and that “advice” is contrary to the law or how things are handled in Mississippi you will be very sorry.  Get advice from a qualified professional.

 

There are at least two State exemption provisions that might partially (or fully) protect the severance package:

 

Miss. Code Ann. § 85-3-1 states, in part. . .

 

"There shall be exempt from seizure under execution or attachment:

(a) Tangible personal property of the following kinds selected by the debtor, not exceeding Ten Thousand Dollars ($10,000.00) in cumulative value:

(I) Household goods, wearing apparel, books, animals or crops;
(ii) Motor vehicles;
(iii) Implements, professional books or tools of the trade;
(iv) Cash on hand;
(v) Professionally prescribed health aids;
(vi) Any items of tangible personal property worth less than Two Hundred Dollars ($200.00) each.

Household goods, as used in this paragraph (a), means clothing, furniture, appliances, one (1) radio and one (1) television, one (1) firearm, one (1) lawn mower, linens, china, crockery, kitchenware, and personal effects (including wedding rings) of the debtor and his dependents; however, works of art, electronic entertainment equipment (except one (1) television and one (1) radio), jewelry (other than wedding rings), and items acquired as antiques are not included within the scope of the term “household goods.”. . ."

(Emphasis added.)

 

So, a fair reading of the above means you get to keep $10k in cash IF you own nothing else on the list.

 

Further, there needs to be an evaluation as to how the above provision applies to the severance package which, if not received by the time you file bk, might be classified as “wages” and subject to the exemption provided by Miss. Code Ann § 85-3-4 covering exempt wages.

 

You need to find out how these Statutes are interpreted and how they or any others will apply to your specific situation.

 

Des.

 

Message 16 of 20
Member

Re: How long after losing job?

I plan on trying to find other attorneys to meet with but the 3 I met with so far are garbage. They all have hardly any reviews on google reviews so it’s hard to judge using others past experience.
Message 17 of 20
Regular Contributor

Re: How long after losing job?

 


@JohnKenny wrote:
I plan on trying to find other attorneys to meet with but the 3 I met with so far are garbage. They all have hardly any reviews on google reviews so it’s hard to judge using others past experience.


You might want to do a search by state using

 

https://www.nacba.org/find-an-attorney/

 

Or try the ABI's list. . .

 

http://bankruptcyresources.org/content/resources?state=MS

 

NACBA is a consumer bk resource.  ABI is much broader.  Both are member driven nationally recognized organizations.

 

It does appear that the number of bk attnys in your State are limited but maybe one of the above will help.

 

Des.

Message 18 of 20
Contributor

Re: How long after losing job?


@JohnKenny wrote:
I plan on trying to find other attorneys to meet with but the 3 I met with so far are garbage. They all have hardly any reviews on google reviews so it’s hard to judge using others past experience.

Like despritfreya suggests, expand your search.   A lot of online reviews (google reviews) can be paid advertisements in a sense.  Dont put a lot of faith in online reviews.

 

Searching my attorney revealed these facts about him:

 

Over 25 yrs practicing BK

Is a trustee as well as cousel for debtors.  100 cases a month.

Bar Admission 1993 - US District court southern district of (enter my state)

Bar Admission 1993 - (enter my state)

Past president (enter my city) Bar Association

Member of Judicial Liason Committee

Member of the BK local rules committee

Executive Committee Member of the Midwest Regional Bankruptcy Seminar

A frequent lecturer throughout the U.S. regarding BK

 

BTW, my attny cost nearly $4000 for a CH. 7, w/some assets. (vehicles only)

Message 19 of 20
Moderator Emeritus

Re: How long after losing job?


@Shooting-For-800 wrote:

Pretty simple.

Take your severance, quit paying credit cards, file when your money runs out.


Yep. This is essentially what one of my family members did. He got his yearly bonus, took a significantly less paying job which put him under the median, used the bonus on reasonable living expenses to supplement the pay decrease, waited six+ months and then filed. 

 

Before anyone says anything, he did not quit the job in order to file. While not illegal, anyway, could be classified as immoral and unethical. He wanted a less stressful job which means less pay. And in doing that put himself in a better position to qualify for a ch7. In fact, given our state exemptions, he still had a pretty good chunk of cash he was able to keep. 

Message 20 of 20
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