Will the plan change if there is an increase in income?

[brtb]

My husband and I had our 341 meeting today. It was much easier than I thought it would be. I'm employed, but my husband is currently unemployed. Our plan is just to payback unsecured debt (mortgage is current and we're paying that outside of the bankruptcy). Currently we are just paying back a loan that is in both of our names. That was the only unsecured joint debt that we have. All of the credit cards are in each of our names, not joint.

My question is when my husband does get a job do we need to report that to our attorney ASAP or will the plan get amended when we submit our 2011 tax return to the trustee. At the meeting today our trustee said our plan would be approved as is and he asked my husband how the job hunt is going. How will everything change once my husband gets a job, which will double our income?

Thanks in advance!

[newbie2]

My husband and I had our 341 meeting today. It was much easier than I thought it would be. I'm employed, but my husband is currently unemployed. Our plan is just to payback unsecured debt (mortgage is current and we're paying that outside of the bankruptcy). Currently we are just paying back a loan that is in both of our names. That was the only unsecured joint debt that we have. All of the credit cards are in each of our names, not joint.

My question is when my husband does get a job do we need to report that to our attorney ASAP or will the plan get amended when we submit our 2011 tax return to the trustee. At the meeting today our trustee said our plan would be approved as is and he asked my husband how the job hunt is going. How will everything change once my husband gets a job, which will double our income?

Thanks in advance!

Unfortunately, I believe your trustee gave you a hint of what is to come. Many districts require the debtor to send in their income tax returns, and once sent in the trustee can review the income and determine if a plan adjustment is needed. Your attorney would know how often this occurs in your district.

[LadyInTheRed]

My question is when my husband does get a job do we need to report that to our attorney ASAP

Yes. Report any significant changes in your financial situation to your attorney. He may tell you there's nothing to do or he may have to inform the trustee.