Over Time??

[Flaminblonde]

How does Overtime come into play when filing?

When we retained our lawyer, we have our basic pay put down as our income. My husband (though works in the same place, but does adifferent job) is making some overtime right now because they are behind. Usually before the fiscal year, they make OT because they are trying to bring everything current.

Anyhow...this OT is not gauranteed, nor will he get it all the time. Right now he may make an average of about 8 hours a payday OT, but at 30 bux an hour....it'll add up.

I'm afraid that because of this, we may end up being forced into a 13. And then when the OT quits...we won't be able to make the 13 payments.

How do trustee's view this? Do they ask you for your paystubs? Do they allow you to explain this? Or do they just see it as income and at it to everypay day regardless?

Thanks again guys!

[hhou812hh]

Very good question. I have posted a similar one in the ch13 forum. No reply though.

If you file a ch7 they will need to see I think 1 recent pay stub and your tax return/s. Even though the OT increases your overall income it's not always there so it's a tough question.

I will be filing a ch13 in about a month and a half and for the summer I have been working over 10 hours a week in ot alone(still not enough $$ to meet my min req payments). Even if I'm needed at work for the weeks before I file I am doing little or none since I have to show the trustee 2 recent pay stubs as well as last years tax return(maybe). I personally don't mind forking over some good faith OT payments into the plan, but in no way can I base my plan on OT or will will fail for sure.

Anyone have any experience with this that filed under either chapter?

Thanks in advance!

[ODDBALL]

O/t....

I hope this helps. When I filed, I listed my current income. Before my 341, I had to submit current paystubs to the Trustee. On two of my paystubs I had significant O/T that was showing. I highlighted that it was O/T, and submitted the next paystub to show that it was not continuous. The Trustee did not even mention it at the 341. I'm assuming that I am ok from this point. I have also received a pay increase from the date of filing. When asked at the 341 if anything had changed, I told him I had received a pay increase. Nothing else was said, so I am assuming that my BK 7 will stand as filed.

[hhou812hh]

Thank you very much! I plan on listing my ot in a 13 but will pro rate it and hopefully I won't have to modify the plan. I don't want to "lie" about it since they check the 3 years of tax returns and I will have to explain it anyway.

Good luck to you!!!