Filing bankruptcy helps debtors obtain the fresh start they have been looking for. This may include eliminating qualifying debt or obtaining control of finances that improve your ability to pay financial obligations. While your finances go through changes of their own, other areas in life may see change as well such as new employment opportunities.
So What Happens If I Change Jobs While in Bankruptcy?
Upon getting hired you should contact your bankruptcy attorney or trustee so the court can be notified of the change. Wages that you anticipate on earning will be reported at this time. Yet, what happens next depends on which chapter you are in and whether or not there is a fluctuation of income from before you obtain your new job.
The bankruptcy attorney or trustee will compare the income amounts; what you earned before the new job and the anticipated amount or current amount you make with the new employment. In some cases nothing will be done if the income amount now earned hasn’t seen a significant increase.
Yet, if the change is significant enough your case would be under review. For example, if you are in Chapter 7 bankruptcy and earned a specific amount when you filed, then get a new job and make more than you did previously, you may have your case converted to a Chapter 13 bankruptcy if it is shown that you have the ability to repay creditors. If you are in Chapter 13 and get a new job, your payments part of the repayment plan may increase if the income change is significant enough.
Have Any More Questions About Jobs and Bankruptcy?
If you have any questions regarding jobs and bankruptcy feel free to let us know .