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I just got a massive pay cut

Asked over 2 years ago - Chicago, IL

I was making too much to file CHPT 7. My first year pay contract just ended and now I make $27,000 less, now I qualify. Do I have to wait 6 months for my income to average at the qualifying amount, or will a few pay periods be enough to prove my drop in pay. I also have an offer letter from last year stating that my pay was to adjust this month

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Henry Repay

Reputation Level 15

Answered over 2 years ago. Chapter 7 Bankruptcy Attorney in Belvidere, IL.

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You should provide your pay information to your attorney with an update of your expenses. My expectation is that your attorney will need to evaluate this at the end of each month to determine when the six-month average, in conjunction with your expenses, allows you to convert, although there may be reasons your attorney would argue for your right to convert regardless of the tests.

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