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Just got confirmed..

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  • Just got confirmed..

    Our chap 13 was just confirmed this week. Our plan is NOT a 100% plan but with children and what we're confirmed at monthly, it'll be very difficult for us month to month. I'm just glad to be confirmed because it took 4 months. My questions are:
    1. How often does the Trustees look/audit our income/expenses. For example, I may get to work a little bit of overtime in some months this year, do these little bit of extra income have to be reported to the Trustee or given over to them? we'll def need this O/T money with the budget plan that we are on.
    2. I will possibly get a little raise middle of this year, possibly 2-3%. When I file taxes next yr, they will def see that I got paid more this yr then prv, will this raise need to be reported and therefore, adj my Trustee payment?
    3. What about end of yr bonuses? Maybe a few hundred dollars? Does this money have to be given to the Trustee since we're not in a 100% plan?
    4. Can we now adj our W-4 withholding from zero to 2? We have two little boys. Before bankruptcy, we both did zero withholding to get a little back each yr but now, since we have to give our taxes to the Trustees, if we do 1 or 2 w/holding on our w-4 will this backfire? Can we get dismissed for doing so?
    5. Does the Trustees look and compare your yrly tax returns? So that they can adj your monthly payments if you end up making alittle more money as the yrs pass?

    Wow, I have so many questions! It's just something new and it's extremely scary for us. I emailed my atty and his answer was to report any change to our income to him and he'll let us know what to do. I've heard other ppl tell me that you do NOT have to report every little change?
    Any answer will greatly be appreciated! Especially from ppl who are almost done with their plan!!! THANK YOU!

  • #2
    Originally posted by cmy View Post
    Our chap 13 was just confirmed this week. Our plan is NOT a 100% plan but with children and what we're confirmed at monthly, it'll be very difficult for us month to month. I'm just glad to be confirmed because it took 4 months. My questions are:
    1. How often does the Trustees look/audit our income/expenses. For example, I may get to work a little bit of overtime in some months this year, do these little bit of extra income have to be reported to the Trustee or given over to them? we'll def need this O/T money with the budget plan that we are on.

    If your trustee requires you to send in your income tax returns each year then your income will be monitored. Also, your attorney should have talked to you about this (reporting any income increase or decrease.) Please clarify with your attorney what is expected of you during the life of your plan. A little bit of overtime shouldn't cause any stressing though, most trustees know that a little bit extra in your paycheck is more than likely eaten up by the increase in cost of living.

    2. I will possibly get a little raise middle of this year, possibly 2-3%. When I file taxes next yr, they will def see that I got paid more this yr then prv, will this raise need to be reported and therefore, adj my Trustee payment?

    Ok, it does sound like your trustee wants to see your returns each year. I doubt that a small increase - 2 to 3 percent - would cause the trustee to amend your plan, but each district is different. Again, talk to your attorney about what is the norm in your district.

    3. What about end of yr bonuses? Maybe a few hundred dollars? Does this money have to be given to the Trustee since we're not in a 100% plan?

    That would show up on your income tax return, and treated as I talked about above. (Probably not a big deal, but I don't know what the norm is in your district)

    4. Can we now adj our W-4 withholding from zero to 2? We have two little boys. Before bankruptcy, we both did zero withholding to get a little back each yr but now, since we have to give our taxes to the Trustees, if we do 1 or 2 w/holding on our w-4 will this backfire? Can we get dismissed for doing so?

    NO, do not do that without talking to your attorney. If you are required to turn in to the trustee any income tax refund then you are "cheating" the unsecured creditors (so to speak) and the trustee will not like it. Our confirmation order specifically states that we are not allowed to adjust withholdings, yours may very well also. Even if it doesn't, without express permission from your attorney I would not attempt that.

    5. Does the Trustees look and compare your yrly tax returns? So that they can adj yo
    ur monthly payments if you end up making alittle more money as the yrs pass?

    Since you send them in, yes they will look at them. Keep in mind it is probably no more than a cursory glance to see if you made much more than when you filed. A "little" extra isn't probably going to trigger an amended plan. I don't want to beat a dead horse, but you really need to ask your attorney about what is the norm in your district.


    Wow, I have so many questions! It's just something new and it's extremely scary for us. I emailed my atty and his answer was to report any change to our income to him and he'll let us know what to do. I've heard other ppl tell me that you do NOT have to report every little change?
    Any answer will greatly be appreciated! Especially from ppl who are almost done with their plan!!! THANK YOU!

    Listen to your attorney. This is what you have paid and hired him to do - give YOU legal advice during your plan. "Other people" aren't the ones who have to answer to the trustee, you are. Your attorney gave you good advice - report any changes to your income to him right away.
    Make your payments, keep in touch with your attorney about any changes, and good luck to you! There IS an end in sight. (We are also in Michigan, and near the end of our plan.)
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

    Comment


    • #3
      Originally posted by newbie2 View Post
      Make your payments, keep in touch with your attorney about any changes, and good luck to you! There IS an end in sight. (We are also in Michigan, and near the end of our plan.)
      Thank you so much for your answers. I figured reporting changes to atty will be what we will have to do. Sometimes, I just feel like the atty doesn't live in our shoes and may not be too sympathetic with the little income we have extra. Again, our plan doesn't leave much, if any, extra income per month and anything I can do like o/t pay will help us, that's all. Since you are in MI also, does the Trustees bother you much when you get little raises thru the yrs being in your plan? Im hoping that ONLY significant income changes will raise red flags??
      Best of luck with you coming to an end.. It's nice to see positive stories on here. Makes me feel that there is hope afterall. Thanks again!

      Comment


      • #4
        We've only had one income increase and it was minimal. The trustee didn't ask for our plan to be amended. Also keep in mind: Even if you have an income increase that does get the attention of the trustee, you may have also had expenses increase. You are most certainly allowed to amend the expenses as well to help offset the income increase. Good luck to you!
        Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
        I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

        Comment

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