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socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33898
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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lets pretend im making 25,000 year and then next year on jan

Customer Question

lets pretend im making 25,000 year and then next year on jan 2nd I walk in and file my bankruptcy petition at atty's office and then two week later after filing - I get a job making 60,000 a year will this be brought up at the 341 meeting or even after the 341 meeting if so then how long after do i have to be concerned about this?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  socrateaser replied 1 year ago.
Hello,

For purposes of filing Chapter 7, your income for the 180 days prior to filing bankruptcy is all that matters. A post-filing increase in wages is irrelevant, unless someone can prove that you already had a contract that would guarantee you a raise, and you did not disclose this asset as part of your bankruptcy filing.

For purposes of filing Chapter 13 (or Chapter 11, in rare cases, not likely applicable to your circusmtances), your increase in income prior to the confirmation of the bankruptcy payment plan, would necessitate a higher payment for the plan, because a change in income is grounds to modify the plan at any time prior to the plan's completion (5 years).

Hope this helps.
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 33898
Experience: Attorney and Real Estate Broker -- Retired (mostly)
socrateaser and other Bankruptcy Law Specialists are ready to help you
Customer: replied 1 year ago.

hi just one more question on this topic could you also show me in the bankruptcy law where this is stated at please? the USC number location - the reason why im hoping that this situation is different from other situation such as an inheritance where there is a 180 day post petition situation that why i asked this question and i was confused such as people winning the lottery or getting life insurance payment after filing date and such.

Expert:  socrateaser replied 1 year ago.
An individual Chapter 7 debtor's wages earned postpetition do not constitute estate property. See 11 USC § 541(a)(6); Matter of Hellums (7th Cir. 1985) 772 F2d 379, 381.

The 180 day provision to which you refer is 11 USC 541(a)(5): Any interest in property that would have been property of the estate if such interest had been an interest of the debtor on the date of the filing of the petition, and that the debtor acquires or becomes entitled to acquire within 180 days after such date—
(A) by bequest, devise, or inheritance;
(B) as a result of a property settlement agreement with the debtor’s spouse, or of an interlocutory or final divorce decree; or
(C) as a beneficiary of a life insurance policy or of a death benefit plan.

Hope this helps.
Customer: replied 1 year ago.

I also sent a letter to customer service agent i guess they didnt send it to you what i sent to them is what I found is in the banktruptcy law and its apart of my original question. you stated post petition wage difference above but i also discussed "Totality of Circumstances" 707(b)(3) list in BK code them this is also a factor please explain.

Expert:  socrateaser replied 1 year ago.
Dismissal of a Chapter 7 case based on lack of good faith (Bankr. Code 707(b)) is generally ordered “only in those egregious cases that entail concealed or misrepresented assets and/or sources of income, lavish lifestyles, and intention to avoid a large single debt based upon conduct akin to fraud, misconduct or gross negligence.” In re Tamecki (3rd Cir. 2000) 229 F3d 205, 207.

Hope this helps.

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