Wrapping up the beginning

[Okieblue]

Sooo, got the down paid to the atty, and referred all callers to them. What a relief to have those calls gone. And the anxiety has lifted. I know we aren't out of the woods yet though. Go in for paperwork signing this week, was told the bottom line number, which if the trustee went for, I'd be extremely pleased, but I have a feeling that we will be asked to pay more. How does giving up the tax return work, does that money go to unsecureds, or what?

[lrprn]

How does giving up the tax return work, does that money go to unsecureds, or what?

First, ask your lawyer how your trustee handles tax refunds annually while your plan is active. A few trustees don't care about tax refunds, some expect you to surrender whatever return over a specified amount you receive each year, and some expect you to surrender all the tax refund no matter how small it is.

If you are in a less-than-100% payback plan as most of us are, any tax refunds that you have to surrender to the trustee will go to your unsecured creditors who file claims and increase their payback % until it reaches 100% or your plan ends, whichever comes first.

[Okieblue]

Ok, thanks. Whoever prepped the papers have us at 0% payback to unsecureds, so I certainly can't complain.

[frogger]

Ok, thanks. Whoever prepped the papers have us at 0% payback to unsecureds, so I certainly can't complain.

Whoever prepped your papers did a good job! Most of what I see are getting very little paid to the unsecureds, most under 10%.