341 And Employment

Question:
My husband and I owe about $50K. We live in NYC where the cost of living is the highest in North America. A cheap studio apartment runs about $800+. I have been out of work for 17 months in counting. My husband lost his job about 2 months ago. Both of our in the IT industry which has been extremely hard hit and it is hard for us to find new jobs. My husband has enlisted in the Army and will be a US Military Recruit as of Sept 1. He will be making a base salary under $15K a year plus I will receive a housing stipend. Here is my question: I finally have a good shot at getting a job. It will probably pay $40-50K per year. However, when we were living on one income, we were just barely getting buy paying off about 1/2 of our debt each month, minimum payments. If I get this job before my 341 hearing (or shortly thereafter) will I have to convert my Chapter 7 to Chapter 13. $40K in NY is considered a hard income to live on, even without debt.

Answer:
It depends on the details of your case. I would strongly recommend speaking with a local bankruptcy attorney. He or she can look over your entire situation and let you know what you can and can't do. Take the job. You don't know what else will come down the pike and who know the BK trustee may ask "so how are job prospects, any job offers?" Do a detail budget. Be detail, down to the cost of hair spray per year to the cost of eyeglass over the years (count everything cell phone.. cable.. internet..healthclub..). If your disposable income is at a minimum, the trustee won't see BK7 as an abuse (less than $83 ($50,000 * 10% / 60 mo)). P.S. stop paying the CC now and save the money for a good lawyer.





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