valid savings during a 13 -

[NEWBIE911]

Hello -

wondering what I am legally allowed to save during a 13 plan. Can I max out 529 plans for the kids and IRA's for wife and I?

[Scott50]

not sure if you're in active Ch13 but CH13 plan doesn't take into account for savings for college for the kiddies or IRA's... contributions to 401k's is allowed but to what %%% is based on your district...

[HHM]

You cannot "officially" budget for savings in your chapter 13 plan (at least not in a meaningful way...some districts will allow you to contribute to your 401K up to your employer's matching %).

However, if you start earning more money during the plan or have padded your budget to some degree, you can do whatever you want with that money.

Big picture, chapter 13 plans are supposed to be tight, the intent of the plans are to allow you to pay your necessary living expenses--and that's it--anything left over goes to the chapter 13 trustee.

[NEWBIE911]

You cannot "officially" budget for savings in your chapter 13 plan (at least not in a meaningful way...some districts will allow you to contribute to your 401K up to your employer's matching %).

However, if you start earning more money during the plan or have padded your budget to some degree, you can do whatever you want with that money.

Big picture, chapter 13 plans are supposed to be tight, the intent of the plans are to allow you to pay your necessary living expenses--and that's it--anything left over goes to the chapter 13 trustee.

Thank you