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Impact of Increased Income During CH13?

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    Impact of Increased Income During CH13?

    Just filed to convert to a 13 from a 7. Should have filed early in the year when I was making next to nothing and it would still be a 7.

    Right now I am looking at $169 mo for 60 months or a total of $10,140. I have read that an increase in my income could result in an increase in my monthly payment, but does that mean I would simply be paying the total amount of $10,140 faster or would it actually increase the total amount owed to being more than $10,140?

    #2
    Originally posted by AKA View Post
    Right now I am looking at $169 mo for 60 months or a total of $10,140. I have read that an increase in my income could result in an increase in my monthly payment, but does that mean I would simply be paying the total amount of $10,140 faster or would it actually increase the total amount owed to being more than $10,140?
    If you're not in a 100% plan, then you'd be paying more than $10,140. If $10,140 is just your base plan amount, then this is just the minimum that your plan needs to pay in order to both receive a discharge and be feasible).

    Not all Trustees care about changes in income, and those that do -- the majority -- only care if it's significant. I can't define significant, but it appears that 10% is the trigger.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

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      #3
      Originally posted by justbroke View Post
      If you're not in a 100% plan, then you'd be paying more than $10,140. If $10,140 is just your base plan amount, then this is just the minimum that your plan needs to pay in order to both receive a discharge and be feasible).

      Not all Trustees care about changes in income, and those that do -- the majority -- only care if it's significant. I can't define significant, but it appears that 10% is the trigger.
      Okay, this is what my lawyer just sent me: "Yes, since he is paying off 100% of his unsecured debt, there will be no increase in payments if his income increases."

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