Median income

[InOverHead]

What happens if at the time of filing a BK Ch. 13 You are over the median so fall into 60 Months of payments, Then 5-8-12-14-18 etc. you are forced to switch jobs and income is under the Median. Does it go into a 36 month Plan at that point? Do you still have to pay the agreed upon amount with less income?


Thanks for the Help.

[systemslt]

basically once your plan is confirmed it is what it is. now there is always exceptions. but to answer your question.


"What happens if at the time of filing a BK Ch. 13 You are over the median so fall into 60 Months of payments, Then 5-8-12-14-18 etc. you are forced to switch jobs and income is under the Median. Does it go into a 36 month Plan at that point?"

no
now there is always exceptions.


"Do you still have to pay the agreed upon amount with less income?"

yes
now there is always exceptions.

i am not a lawyer

i am 3 months away from completing my 36 month chapter 13 plan.

[enginegirl]

basically once your plan is confirmed it is what it is. now there is always exceptions. but to answer your question. a plan can ALWAYS be modified or amended ALWAYS! It is never a case of it is what it is... EVER!


"What happens if at the time of filing a BK Ch. 13 You are over the median so fall into 60 Months of payments, Then 5-8-12-14-18 etc. you are forced to switch jobs and income is under the Median. Does it go into a 36 month Plan at that point?"

no
now there is always exceptions........ Typically the only way a plan can change in length is if you pay 100% back...


"Do you still have to pay the agreed upon amount with less income?"

yes You can file an amended plan with a lower payment. this sometimes takes a while but it can be done....
now there is always exceptions.

as you know my salary decreased just after I filed my original plan..... I was able to adjust my payment from $1000 to $540.00

Best advise.. go see a lawyer........

[justbroke]

What happens if at the time of filing a BK Ch. 13 You are over the median so fall into 60 Months of payments, Then 5-8-12-14-18 etc. you are forced to switch jobs and income is under the Median. Does it go into a 36 month Plan at that point? Do you still have to pay the agreed upon amount with less income?

No. Your plan and petition is based on your financial condition when you filed. If your circumstances change, you should ALWAYS and IMMEDIATELY contact your attorney! Especially if you earn less money. If you filed Chapter 13 to save property, earning less money could put you in a bind. If you filed Chapter 13 because you made too much money -- had too much disposable income -- then a loss of income may allow you to convert to a Chapter 7.

A Chapter 13 Confirmed Plan can be modified through a Motion to Modify Confirmed Plan. Whether the Trustee will fight you on a modification is another topic. Always speak with your attorney when anything changes, especially job and income!

[InOverHead]

I appreciate the replies. Fact remains i have not Filed anything yet, i just know that i am over the Median by a few grand, I am well aware of the Financials of my employer and things have progressively become worse the past couple years - Feels like at anytime THEY could go belly up, or at minimum downsize. I also know that it's not the best time to be looking for work, lot's of highly qualified unemployed out there to compete with for the few Jobs available.

The process of finding a Job has even changed since i have been in the market. I used to open the Sunday paper and it would be 15 pages full. Now it's like 2-3. I guess employers save by posting on Craigslist or utilizing Monster etc...