Will I pay more?

[TrackDog]

I"m getting ready to file Chapter 13. Because of my income, I will pay 100% of the debt over a 5 year period. My question is....since I am already paying back 100%, will I have to give up any bonuses or have to pay more if I should get an increase in income?
Thanks in advance!

[enginegirl]

more than likely not... but if you want it to be over faster you might want to!

[lrprn]

My question is....since I am already paying back 100%, will I have to give up any bonuses or have to pay more if I should get an increase in income?

The answer to your question is.....it depends.

If your income jumps 10% or more all at once or the bonuses are a large chunk of change (like thousands), then that can trigger some trustees (not all) to petition the bk court to re-evaluate your disposable income (although with 100% payoff, it's not nearly as likely as it would be if you had a 10% payoff).

Luckily most trustees understand that you are going to get small raises and occasional small bonuses throughout your 13. They also know that as time goes on, the cost of your expenses (think utilities, gas. etc) tend to go up as well. They tend to leave these things alone as long as you are making your payments regularly and on time.

The most reliable answer to your question is going to come from your lawyer. He/she knows the practices of *your* Ch 13 trustee around bonuses and income increases during your active 13. In this situation, that's the only opinion that really matters. Keep in mind that since you'll be in a 100% payoff situation, any extra cash the trustee takes will shorten your case length

[TrackDog]

Thanks for the replies. This forum has been a great help. Its hard finding people to talk to about this issue but I am finding out that its more common than I thought.

[puggymoo]

we are paying 100%. We were suppose to have a 5 year plan. Because we have 2 loans that are paid outside of the plan we will be done in 48 months. One loan ends in 16 months and the other in 34 months so we have to pay the extra into the plan.