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Will the Chapter 13 Trustee take my bonus.

Frequent Contributor

Will the Chapter 13 Trustee take my bonus.

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? 

 

Thanks

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Senior Contributor

Re: Will the Chapter 13 Trustee take my bonus.

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.

 

 

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