We have been anticipating filing a 7, but found out today that in order to do that we need to wait a few months and we just dont have that time.
My husband is paid on commission ONLY and his income varies, especially with the economy the way it is right now. he's in the lumber industry. His income is about 1/3 this year to what it was a year and a half ago... it's very uncertain right now.
Also, my dd is a senior this year. she will be going to college next year.
Sooo, if we file for a 13, how is our payment determined? Will it go up and down with our pay? What if our income drops even more in the next year? will they take that into account? When dd goes to college next year will they take that into account?
also, I understand that our tax refunds will go to the trustee. does that go towards the paydown and will that lessen the number of payments we pay?
I feel clueless today.
My husband is paid on commission ONLY and his income varies, especially with the economy the way it is right now. he's in the lumber industry. His income is about 1/3 this year to what it was a year and a half ago... it's very uncertain right now.
Also, my dd is a senior this year. she will be going to college next year.
Sooo, if we file for a 13, how is our payment determined? Will it go up and down with our pay? What if our income drops even more in the next year? will they take that into account? When dd goes to college next year will they take that into account?
also, I understand that our tax refunds will go to the trustee. does that go towards the paydown and will that lessen the number of payments we pay?
I feel clueless today.
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