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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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My case is a CH7. My income is well below the state median

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My case is a CH7. My income is well below the state median so we passed the first phase of the means test.

1. If I accept a job prior to the 341 meeting that the annual pay is less than the state median income, it is my belief that I will not get converted to a CH 13. Is this thinking correct or am I mistaken? Briefly explain please.

2. If I accept a job after the 341 meeting for more money than the state median, can I get converted to a CH 13 during the 60 day period? Please allow me to ask the question another way. When would a UST monitor a debtor's "post petition" income or assets or perform any other "tests" of the debtor's entitlement to a discharge? We stated on the schedule "undetermined" for a potential wrongful termination case. I have not contracted an attorney because the UST may appoint one for me. Can this keep the case open to where if I get a job after the 60 day period (post 341), that I could be converted to a CH13?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.
Hi craigwithane,
1) This is correct - getting a job does not prevent filing a Chapter 7, as long as the gross income is less than the Means Test amount (currently $40,546 for a household of one).
2) At the bottom of Schedule I ("Current Income") there is a question as to whether the debtor "reasonably anticipate[s]" an increase in income within one year after filing. If the debtor answers "Yes", the income will be monitored, but not if the debtor answers "No" to that question.
3) The trustee will monitor the "Wrongful Termination" case until it is resolved - no matter how long this takes - and will help himself to any proceeds the Bankruptcy Court is entitled to take.
I think I answered everything. Please let me know.
Thank you!
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
Ths is all valuable information and I really appreciate it! Getting correct info is very important to me. I am accepting your answer.

Could you please clarify one item about the Wrongful terminatin case provide the following background info: I do not have a case yet since I do not have money for an attorney. I was told that the UST will assign one if they think that they can win. So, I'm waiting for the 341 meeting to see where this may go.

Question: If the UST decided to appoint an attorney to my situation and file a case, would my income be monitored even though we put "no" at the bottom of the Schedule I?
Expert:  cfortunato replied 4 years ago.
Thank you for accepting my answer! And for the bonus!
If the trustee appoints an attorney, and if you answer "NO" at the bottom of Schedule I, only the case is supposed be monitored - not your income. This is because the income to be considered is the income at the time of the filing and as late as the trustee meeting, and any anticipated change only.


Edited by Christina Fortunato, Esq. on 7/2/2010 at 12:53 AM EST
Expert:  cfortunato replied 4 years ago.
This is because the income to be considered is the income at the time of the filing and as late as the trustee meeting, and any anticipated change only.
Customer: replied 4 years ago.
That's great news! Where can I find reference to this particular info on the web. I have not had much luck finding this type of info since the wrongful termination is coupled with the bankruptcy. <br /><br />Your thoughts...
Expert:  cfortunato replied 4 years ago.
Here is the relevant Bankruptcy statute:
http://www.mcdonaldlawaz.com/bkcode/11usc0541.htm.
Customer: replied 4 years ago.
Thank you very much for all of the help. Any of my future questions will be directed to you!
Expert:  cfortunato replied 4 years ago.
Thank you!

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