Trustee payment increases?

[isabella]

Just had my 341, I will state again for the record for those that are nervous NO BIG DEAL, :-) It took 7 minutes, Name, address, employer, if I filed all my tax returns, other income and property owned, done.

My question that I forgot to ask my attorney, how often does the trustee increase the plan payments? How many of you fellow 13's have had their payments increased? That is what I am nervous about, lol.

[justbroke]

Plan payments generally don't increase (or decrease) over the course of the Plan life. I had read on one Trustee's site, that modifications to the Plan are done in less than 2% of the cases in their District. That means, no increases or decreases. Many Trustees will leave you alone, so long as you're paying on-time and staying within the Plan.

The only time an increase may come, is if you have a windfall or you get a substantial salary adjustment (roughly over 10%). Other than that... most won't touch something that's not broken!

[maddog2112]

My trustee wanted a copy of my tax returns every spring around tax time. we had gotten lucky at work, so I was working a huge amount of OT, since the planned payments were brutal. I didn`t realize my plan could change. The trustee increased my payment by 65.00 a week, and from 75% to 80% payback. Some trustees never ask for tax returns during the plan, mine did.

[UpsideDownMI]

Isabella are SO right! It was a not a big deal at all.