Posted on: 30th Oct, 2009 06:14 am
IF WE FILE AND CHAPTER 13 AND GET OUR PAYMENT AMT AND MAKE A COUPLE OF PAYMENTS THEN DOWN THE ROAD MAKE MORE MONEY, DO THEY TAKE THAT ALSO? OR HOW DOES THAT WORK/
It depends on how much you're paying back your creditors. My chapter 13 was a 100% plan, so I was scheduled to pay back 100% of my debt to my creditors. If your plan is structured so you pay back less then 100%, the Trustee is going to want to know about significant financial changes.
If they're routine pay increases from work, no, they don't take it. If it's an inheritance or funds from a life insurance policy, yes, they'll take it and apply it towards your debt. If you've got a new job and doubled your salary, they're going to want you to tell them, because they'd like to use the extra cash
If they're routine pay increases from work, no, they don't take it. If it's an inheritance or funds from a life insurance policy, yes, they'll take it and apply it towards your debt. If you've got a new job and doubled your salary, they're going to want you to tell them, because they'd like to use the extra cash