Make too much for 7, not enough for 13

[krielly]

Once you file your 13, whatever you can stash away for a rainy day fund is your business. You can have a savings account if you are able to reduce your spending by being thrifty. There is nothing in the law that says you cant.

The only extra you have to report to the trustee would be bonuses, increase in income, etc..... you should be fine with a savings account - no need to try to hide it.

K

[rrockinggramma]

You can save while in a chapter 13. You don't have to use your debit card to do it. Just transfer the amount right into a savings account. The trustee does not have a telescope into your everyday life once you are confirmed. He/she cares about you making your plan payments on time. Of course, should you win the lottery or get an inheritance, well then you need to let them know cause you don't want them to find out later and dismiss your case. But if you have wiggle room in your budget, by all means SAVE

The trustee does not have a camera in your living room!!!

And I agree with the bk attorney. Changing your lifestyle is what makes chapter 13's successful. You cannot maintain the same lifestyle that got you into this mess in the first place. Time to reassess. Decide what you can live with and without and then go from there.

Awaiting final checks to clear, then 30 days to object , then DISCHARGE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! !!!!

[john_smith]

But don't you have to file/submit some papers/numbers every year to keep your case alive while you are in chapter 13? And in this case if the trustee see that you have 5K in your saving account, won't he change your plan, saying that you have more disposable income?

[rrockinggramma]

you have to file your tax returns. I live in Michigan and am not a business owner so I never had to file anything other than those tax returns and of course, my trustee owned my refunds.

Every trustee has their own policies and standards and all courts have their "local" rules. You might educate yourself a little more by visiting your trustee's website and doing some "research".

My trustee has "links" to courts and there I find the dockets of the judges and any local rule changes being proposed or made or even what the local rules are re: tax refunds, income increases, etc.

Many trustee's also give out a book at the beginning of your plan (booklet I should say) that spells out their policies as well.

Even though you are "under" a trustee for the next few years, he isn't checking up on your every day affairs. The staff members will review your tax returns. If they notice a HUGE increase in income, then of course you may get a letter. They note if you got a refund or if you didn't and how much. But day to day living, trustee's have too many others to be involved in your day to day living.

Keep them informed of address changes, job changes, income changes (up or down) and live your life.

caveat: Business owners have to send in P and L statements all the time etc so they are "more" monitored than those with no business.

But the bottom line here is to "reorganize" your financial life. Chapter 13 can give you time to breathe and will also help you realize that "things" aren't always important to happiness.

(what is it?? first people, then money, then things, then jackets???)

[john_smith]

I guess I am paranoid.
Can you know who will be your trustee before you file?