If I’m in a Chapter 13, can I take a voluntary paycut?
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If I’m in a Chapter 13, can I take a voluntary paycut?
I am in Chapter 13 with 29 months to go and have not missed a payment. I took a job 5 months ago that pays me $50k more than my original income from the current plant. I am about to resign this job. Do I still need to modify or can I stand pat and try a different job that pays less?
Asked on November 10, 2012 under Bankruptcy Law, Michigan
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you are in a voluntary Chapter 13 bankruptcy there is nothing preventing you from taking a pay cut from the current position that you work at or from looking for a new job. What you do on a day to day basis at work is not related to your bankruptcy.
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