Chapter 13 and budgets

[COrnguy]

Just filed last month and have my 341 meeting in a couple weeks. Question..... how do "they" monitor your income and expenses? Year-end, tax filings?

I've made some tremendous changes in my life to get throught this and have been hard. If they see that I'm doing OK or better than my initial budget, will they take more?

Thanks for your help, am feeling better about doing this.

[Granny]

Just filed last month and have my 341 meeting in a couple weeks. Question..... how do "they" monitor your income and expenses? Year-end, tax filings?

I've made some tremendous changes in my life to get throught this and have been hard. If they see that I'm doing OK or better than my initial budget, will they take more?

Thanks for your help, am feeling better about doing this.

I believe that once your plan is confirmed, it doesn't change again unless there are significant changes in your income or your expenses, at which time you would file an amended plan.

My trustee doesn't care about raises or getting copies of the tax returns once the case is confirmed, HOWEVER each trustee is different. I hope you get as lucky as I did!

[lrprn]

Question..... how do "they" monitor your income and expenses? Year-end, tax filings?

If "they" means your trustee and the court, after you file, your trustee doesn't monitor your income and expenses by accessing your personal accounts. You are expected to report any significant increases in either to your lawyer who then reports them to your trustee. Most trustees also ask to receive copies of your tax returns every year after you file them, and these allow some general monitoring of your income once a year.

If they see that I'm doing OK or better than my initial budget, will they take more?

Trustees don't monitor Ch 13 filers to see if they managing to save a few dollars through good budgeting and doing without. Save the surplus for a rainy day.....those will always come.

Thanks for your help, am feeling better about doing this.

Great to hear you are feeling more positive about filing, COrnguy! Hang in there - let us know how your 341 goes, ok?

[Elf]

So few of us make it through, that some trustees tend to give us some slack.

They want us to finish. They make their money that way, and our creditors get something. It's to everyone's advantage to help us along. The trustees that have been around for a while seem to know this. They help.

The others are crud. Hope you get one that gets th e problems that we face as we go though this.

Elf