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Increased income during Chapter 13

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    Question Increased income during Chapter 13

    In the state of Maryland, am I required to report to the Court if my income substantially increases? I asked my lawyer when I filed 2 years ago, and he said no. But I came across something on Google today that directly contradicted him.

    I’m in a 100% plan, and my payment is already scheduled to go up when my car is paid off next May. Do I have to do another means test to pay even more?

    #2
    If you're already scheduled to pay back 100% of your outstanding debt, then no, your payment will not go up. As for alerting the Trustee to an increase, speaking strictly from the perspective of a New Hampshire filing and not having been in a 100% plan, I needed to send each year's tax return forms to the Trustee, via my attorney; one year I had a 9.5% increase in income, albeit kind of hidden by increased contributions to my 401K, and the Trustee didn't blink.
    Latent car nut.

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      #3
      You know, I forgot about the tax returns I have to submit each year. He’s going to see the increase anyway.

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        #4
        If you're in a 100% plan this should not matter, at all. I also don't know why an attorney suggested a step up plan in a 100% plan, unless the car payment difference is what put you into a 100% plan.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.

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          #5
          Yes, it is. The only way I could get to 100% was with the new payment plan. The trustee demanded it.

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            #6
            That makes sense.
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            I am not an attorney. Any advice provided is not legal advice.

            Comment

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