Possible relocation

[Johnno]

I am to interview for a job soon which if I am successful, will involve moving out of state with same company. I am currently 26 months into a 13. My payments recently increased and the trustees increased my unsecured creditor amount to 20%. No biggie really.

Question. I have a first and second mortgage which are secured. Assuming both these debts are cleared with the proceeds from the house and I have lets say 35000 left over, how is this dispersed? If 50% of this was taken by the trustee which is over and above my normal payment plan could it have the effect of reducing my time in chapter 13?. Or, is it a case of the percent allowed to unsecured creditors will increase based on how much extra money may appear on the horizon.

Thanks...Johnno

[Genenco]

I like it when good things happen

I am to interview for a job soon which if I am successful, will involve moving out of state with same company. I am currently 26 months into a 13. My payments recently increased and the trustees increased my unsecured creditor amount to 20%. No biggie really.

Question. I have a first and second mortgage which are secured. Assuming both these debts are cleared with the proceeds from the house and I have lets say 35000 left over, how is this dispersed? If 50% of this was taken by the trustee which is over and above my normal payment plan could it have the effect of reducing my time in chapter 13?. Or, is it a case of the percent allowed to unsecured creditors will increase based on how much extra money may appear on the horizon.

Thanks...Johnno

Well, first I wish you well and hope it goes good for you.

Second, if you do get the higher pay and the requirement is to repay the creditors. So, anything the trustee can get, they will take. Now this could mean 100% of the amount left over after resale. But, you'd best to chat with your lawyer on this "What if?"

Finally, yes, this repayment would reduce your time and such..Or it should I believe. Again, Your lawyer knows for sure

[Minnymouth]

You definitely need to discuss this with your lawyer as soon as possible.
You trustee will have to be notified of your moving out of state.....
How it will affect your payments to the trustee and creditors - only your attorney or trustee can answer this, I think.

Minny

PS Congrads on climbing up the ladder !!