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    Fluctuating Income

    We filed chapter 13 on Tuesday :-), what a relief. What we didn't take into consideration, is that my husband's income drops in the winter time, do to him working Outdoors. Is it too late to change this? I've emailed the attorney, I just haven't heard back yet. The chapter 13 payment plan we are set up on now is doable, with his current income, I'm just afraid it won't be doable when his income slightly drops in the winter time.

    #2
    If you just filed, then your plan is not confirmed. Make sure you ask your attorney to look at your annual income rather than the "6-month" period used for completing the bankruptcy Means Test form.
    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

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      Originally posted by justbroke View Post
      If you just filed, then your plan is not confirmed. Make sure you ask your attorney to look at your annual income rather than the "6-month" period used for completing the bankruptcy Means Test form.
      Thank you justbroke!

      Comment


        #4
        The more information your attorney has about income fluctuations the better s/he can create a plan that works. Please realize that your plan may account for these fluctuations, but in periods where your income is high you will need to save so that you can make it through the periods where they are low(er).

        For example, here in Florida our electric bills change dramatically during the summer months (particularly May - October). It's wise for us to average our bills over a 12-month period when listing our expenses for utilities. However, that is an average meaning that in the cooler weather, the bill is lower but the expense allowance is higher. Conversely, in the warmer months the bill is higher while the expense allowance is lower. This is why budgeting is probably the single most important thing in a Chapter 13.

        I re-read your original post in this thread. If you just filed, that means that your forms looked back 6-months. Those six months will be November, December, January, February, March and April. Those months comprise all of the Winter and portions of the Fall and Spring. I wouldn't be surprised if the income is lower than what you are saying for June, July, August and September. It's worth looking at it again.
        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

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment


          #5
          Originally posted by justbroke View Post
          The more information your attorney has about income fluctuations the better s/he can create a plan that works. Please realize that your plan may account for these fluctuations, but in periods where your income is high you will need to save so that you can make it through the periods where they are low(er).

          For example, here in Florida our electric bills change dramatically during the summer months (particularly May - October). It's wise for us to average our bills over a 12-month period when listing our expenses for utilities. However, that is an average meaning that in the cooler weather, the bill is lower but the expense allowance is higher. Conversely, in the warmer months the bill is higher while the expense allowance is lower. This is why budgeting is probably the single most important thing in a Chapter 13.

          I re-read your original post in this thread. If you just filed, that means that your forms looked back 6-months. Those six months will be November, December, January, February, March and April. Those months comprise all of the Winter and portions of the Fall and Spring. I wouldn't be surprised if the income is lower than what you are saying for June, July, August and September. It's worth looking at it again.
          She only asked for 60 days worth of income.

          Comment


            #6
            She asked for 60 days because that's what required to be filed with the Court (income for past 60 days). I would make sure you inform your attorney that the income certainly fluctuates because there are seasonal differences based on weather. (And, actually, your attorney may be not concerned if she is basing the numbers on the past 6 months which would be the winter months.)

            It doesn't hurt to ask.
            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

            Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

            Comment

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