12-02-2009 10:10 AM
OK Say I was in a Ch 13 BK for about 1 year paying about $200 a month. Then I receive a Christmas bonus from my employer of $1000 to be on my next paycheck. Will I have to surrender that Bonus? Also what If I get a nice raise. Say from 40K a year to 80K a year. Will I have to surrender all of my extra money?
12-02-2009 12:40 PM
No you do not have to surrender a $1000 bonus.
You are only obligated to pay the monthly payments.
If your income significantly increases, it is possible for the trustee to file a petition for an adjusted monthly payment. Remember the payment was based upon the "PROJECTION" of discretionary income. If the discretionary income changes, the trustee has the ability to petition for adjustment, but it is not automatic.
Talk to your attorney about what disclosures you are required to make on changes in your income.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO