Decided to File, but now I'm Pregnant...Future Expense?

[TK2plus1]

Can my future expenses & income hit be taken into account when coming up with my monthly budget?

Thanks,
T

[Jman30]

Well, my wife and I were in the same boat! We filed in Dec 2004 and found out she was pregnant in Jan 2005!!! I knew she would be out of work so I went back and tried to amend the plan.
My attorney said there was no way, because I was only paying back 11%, which is REALLY low. He said there was no way he could get my % any lower to reduce the payments.

BUT to answer your question, NO, your future expenses cannot be taken into account. They basically take a "snapshot" of your finances the day you file and that is what they base it on.
BUT....you can amend your plan when you get closer to having the baby. Say you are paying back 75%, they can reduce that a little to make room for your added expenses of the baby. But they won't take it into consideration up front.

Congratulations on the baby!!!

[SinkingFast]

If you have not officially filed yet, there are some for sure expenses that can be annualized to allow for the baby coming.

Prenatal care including vitamins and such, and paying the doctor for the delivery. How much the anticipated out of pocket hospital charges are going to be. You can gather a lot of info on those types of expenses and have your attny figure them in at the onset.

Also, depending on how far along you are, and your overall financial situation,....... Maybe waiting til the baby comes might be an option. Then you'll have all your medical expenses known, AND you'll have an extra family member to figure in on the allowables.

[Jman30]

I am glad to hear that they can take into consideration future expenses. Sure wish my attorney had done that when I found out my wife was pregnant!!!

[SinkingFast]

Part of the New Law. It's not only a snap shot of the past, but the Court askes about anticipated changes in the future.

Of course, the Court is looking for pay increases and bonuses and such. Increased income to get more money from the Debtor/Filer. But, it can work the same way with expenses as well.

[Jman30]

Part of the New Law. It's not only a snap shot of the past, but the Court askes about anticipated changes in the future.

Of course, the Court is looking for pay increases and bonuses and such. Increased income to get more money from the Debtor/Filer. But, it can work the same way with expenses as well.

Ahhhhhh...gotcha! I filed under the OLD law. My attorney said at the time that they took a "snapshot" at the time you filed. Any circumstances that came up, you could petition to modify the plan, but you couldn't "build" them into the filing.

Sorry for the confusion TK2plus1!!!