marry him?

[espalier]

I'm in a chapter 13 and thinking of buying out with my home equity. I have (hopefully) a reliable source to help me with that.

If the equity buy out does not happen for some reason, my home is in my name only, plus I currently live alone; if I decide to marry soon, will they increase my BK payments because there are extra monies coming in?

Thanks!

[FoolAndHisMoney]

I'm in a chapter 13 and thinking of buying out with my home equity. I have (hopefully) a reliable source to help me with that.

If the equity buy out does not happen for some reason, my home is in my name only, plus I currently live alone; if I decide to marry soon, will they increase my BK payments because there are extra monies coming in?

Thanks!

If you were married when you filed then yes, but after you filed it's a tough one. They may since legally your income and expenses are combined and bankruptcy is based on ALL household income.

As to your answer I would say yes, but don't quote me on it. You may want to ask a lawyer.

Good luck

[Minnymouth]

If you marry while in a Chapter 13 and you are required to notify the court of changes in marital status........then more than likely - the court will determine that your spouse is the "breadwinner" and most of your income will become disposable.
I would say they would go after more of your income to pay creditors with since your household income would increase by marriage.

Just my thoughts,

Minny

[1/2 way in OR]

Hey espalier ,

I got married while in 13 and all I had to do was submit a new budget. My household income increased, but so did the cost of living as my spouse is allowed to have credit cards payments and an IRA. My monthly payment to the BK remained the same.

Hope that helped.

[bkbiker]

Hi,

On the other side of the coin, if you get married and your new spouse has little or no income, than your disposable income might actually go down, in which case you can file a modified plan reducing your monthly payments.

bkbiker