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!
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!
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