Does anyone know if Social Security benefits are exempt? I filed 13 in Sep 2005 (pre-new laws) and will be eligible for Social Security benefits in January 2009. Am trying to decide whether to apply late this year or wait until the BK is discharged which will be sometime in April or May of 2009. Thanks!
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They are exempt from "collection", but in the context of a chapter 13, the benefits are still considered income and get figured into calculating your disposible income. Thus, if the SS benefits would increase your income, then your Chpt. 13 payment could be adjusted upward. -
Thanks HHM! In that case I will just wait until I am discharged before applying for SS benefits. A matter of 4-5 months.Comment
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Quick question: Since it is highly unlikely that that ONLY SS benefits would increase the income - it'd be possibly substantually less since SS payments are nowhere near the the salary of his/her last working pay - wouldn't the plan payments actually decrease?Originally posted by HHM View PostComment
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True, but is sounds like from the context of the OP's first post, that these benefits would somehow increase the family income.Originally posted by magyar123 View Post
But you are correct, if the SS benefits are simply replacing salary income, and your total income decreases, then you should file an amended plan and schedules accordingly, or possibly convert to a 7.Comment
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