Pay increase ?

[dmc-2008]

I know you can answer this! I just think I might be dense since I have to ask it!!!

So let's say my pay ( or yours) goes up 10% this year and the trustee could care less because it is only 10%. So next year I get an increase of 2 %, will the trustee then look at it. As a 12% increase since confirmation and then want to revisit DMI.

Or is it just okay to get raises each year?

I know, I should understand this but I don't!

That's why I am here!! ;-)

Thank you!

[LadyInTheRed]

You don't understand it because there are no hard and fast rules. Some trustees will grab at any increase, some don't care as long as you keep making your payments. All you can do is let your attorney know when you get a raise and he'll let you know whether it has to be reported to the trustee.

I got an unexpected 5% raise right after my plan was confirmed and have received 2% raises 3 times since that. I call my attorney each time and he always says "Congratulations. Keep making your plan payment." He never asks about previous raises. My trustee doesn't require copies of my tax returns, so she doesn't know anything about my increased income or the bonuses I've received.

Or is it just okay to get raises each year?

It is more than okay to get a raise each year, in any amount. Even if your plan payment gets increased, you'll still have a higher income when you finish your plan.

[dmc-2008]

Thank you Lady. I have to turn in my refund and my tax forms so they will see the increase next year if I am so lucky!

I agree that it is good to get increase because for me I would get a better retirement and at my age, that was a major factor in this financial decision!

I sure hope that I get a raise! It's been five year since any.

[jmac]

Little nervous myself, made about 20% more then then normal this year due to 3 or 4 guys being off long term sick so ther shifts are covered with overtime and you have no choice to not work it. See what happens hopefully stay the same.

[dmc-2008]

Good luck jmac!

[jmac]

Rolling the dice lol... thanks!

[nsupanda]

What if you're paying in 100%? Do they usually mess with you then?

[sophieanne]

What if you're paying in 100%? Do they usually mess with you then?

I'm in a chapter 13 - 100% plan. I took a part time job, in addition to my full time one and called my attorney to ask if it would impact our plan. His response was no, you're already paying what is required to meet the 100% plan. He said the only time the trustee would look at the extra pay would be if the plan ever changed and it was no longer a 100% one.

[andy158]

Our plan states a 10% increase per year in income is not going to change the payment. That is a 50% increase allowable over the 60 months. Never gonna happen here! However, our last year income went up over 10% due to the wife's promotion and nothing was said. Like LITR said each trustee is different.

[out4good3]

Keeping my head down low.......

Payments automatically deducted from pay. Have never been asked to return tax filings or returns. Only hear from the trustee when he sends annual statements on what he's taken in and paid out.

Salary increased last year 22.5%.

Have been able to stash $10,000 in savings over the past three months.

[dmc-2008]

Whoa! 10k in three months! I would be in heaven! I can't seem to save anything!!!!

It may happen in the next couple of month that I get that raise! I am happy and scared that the trustee will want to revisit my case! She gets tax info and refund if any.

I will keep you posted! Thank you - I love this site!

[adargie]

My husband works solely on commission and of course when we filed he had only made 38k that year well things have gone better for him but its never something we can rely on, since its solely commission based. Our payment has gone from 450 a month to 1650! So far he has sustained his income to be able to make this payment, but I am constantly worrying about when he doesn't. THe past couple months have not been as good and we are scrounging to make regular payments. I got rid of our cable and internet hoping to ease up on it. I am hoping we can make it to the end, it is near. about 18 payments I believe and this is the last year we will have to turn in our tax refunds.