Hey everyone. I've been slingin rock and dirt the last 3 months to burn off steam, so haven't been on here much. Hope all is well.
Normally about the middle of July the trustee would inquire about our prior year tax returns and latest pay stub. That has not happened yet, this year.
In 2019 I got a job with a new company, increased salary, etc. so it appears the trustee waited til 2020 to get a better idea about our increased income, and from July 16 til Sep. 20 or so we were in the 'raise the payment' process. As we were settling on a new number, we asked our attorney if we should expect another increase in payments this year. He asked the trustee; they did not anticipate, but would not categorically rule out a future increase. They did state, "if we get an additional #### for Class 4 we would be satisfied."
Interestingly, shortly after we settled on the new payment, came my benefits election period. And surprise! My life insurance payments tripled, so yeah, that was pretty awesome. A punch to the face, and a kick to the groin, LOL! Long story short, my take home pay is about $60 less per month, than before we settled on the new, increased payment. It's not the end of the world but yknow... woulda been nice to get a break once in awhile. I figure, if we need to submit the 2020 tax forms and latest check, we can easily demonstrate there is no net gain in income over last year. In fact, we have a net Loss in income over last year. So, no soup for you <mr. trustee>!
Assuming the trustee and their process(es) are 'a creature of habit', if there were interest in raising the payment, it would start in September, and our last payment is early February. So that would be 6 months worth. The rule of thumb is, if we increase income by 10% since the last increase, then the payment may increase. It is very unlikely I will get a 10% raise by February. Four times recently, I verified our total payments over 60 months will meet all the numbers in the plan. In fact, we will over-pay by $8.00. Maybe we can say, 'keep the change'. No, we want it back.
Alrighty. Take it easy folks.
Normally about the middle of July the trustee would inquire about our prior year tax returns and latest pay stub. That has not happened yet, this year.
In 2019 I got a job with a new company, increased salary, etc. so it appears the trustee waited til 2020 to get a better idea about our increased income, and from July 16 til Sep. 20 or so we were in the 'raise the payment' process. As we were settling on a new number, we asked our attorney if we should expect another increase in payments this year. He asked the trustee; they did not anticipate, but would not categorically rule out a future increase. They did state, "if we get an additional #### for Class 4 we would be satisfied."
Interestingly, shortly after we settled on the new payment, came my benefits election period. And surprise! My life insurance payments tripled, so yeah, that was pretty awesome. A punch to the face, and a kick to the groin, LOL! Long story short, my take home pay is about $60 less per month, than before we settled on the new, increased payment. It's not the end of the world but yknow... woulda been nice to get a break once in awhile. I figure, if we need to submit the 2020 tax forms and latest check, we can easily demonstrate there is no net gain in income over last year. In fact, we have a net Loss in income over last year. So, no soup for you <mr. trustee>!
Assuming the trustee and their process(es) are 'a creature of habit', if there were interest in raising the payment, it would start in September, and our last payment is early February. So that would be 6 months worth. The rule of thumb is, if we increase income by 10% since the last increase, then the payment may increase. It is very unlikely I will get a 10% raise by February. Four times recently, I verified our total payments over 60 months will meet all the numbers in the plan. In fact, we will over-pay by $8.00. Maybe we can say, 'keep the change'.
No, we want it back.Alrighty. Take it easy folks.
Bankruptcy Wizard
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