Income Increase During Chapter 13

[aussiesareforever]

My recommendation will be to let your lawyer know instead of trying to deal with the mess when things get more complicated!

[Anonymous]

During our Chapter 13 process, which was not 100% full repayment, our Trustee did require copies of all our tax returns during this period. We were also advised by our Atty to report any increase in income, which we did. My husbands salary increased by 10%, however the trustee did not increase our payment plan amount.  We played by the rules for fear of something going wrong during the plan. My feeling is, if you have a question and not feeling certain about something, it is best to run it by your lawyer, always in writing, for the record.

[smitty1]

This we got from our trustee when we began our Chapter 13:  "Plan payments to the Trustee in a Chapter 13 may increase if additional debts are discovered or if you owe more than shown on your schedules, or, if your financial situation improves.  Additionally, large bonuses, tax refunds, or other extra income may be required to be paid into the court."

We have given the trustee our tax returns twice, and had our monthly amount go up $75. when my wife got a promotion and raise at work.  We report anything that is required- we talk to our lawyer often- the last thing we want is to have our 13 dismissed.

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[Anonymous]

Very good question.  I will be sure to ask my lawyer, as I will be filing bancruptcy within the next month myself.

[Anonymous]

This is good information to know. Thank you for sharing. I would imagine it brings some joy to be finished with your BK plan.  I hope that you all are back on good footing with your credit.  I will be filing BK Ch 13 within the next month myself.  Frightened; however, need to rectify credit issues from the last two 1/2 years.

[Anonymous]

If you don't mind me asking, the creditors/lenders listed below (with amounts) - what does this mean?  I have noticed that quite a few members in myFico have this listed in their signature line.

[Anonymous]

Good thinking. I am so glad that the members here share so much information.  It makes a newbie like me feel a little more positive towards my current situation (and future financial plans).