how long do i have to keep a low profile in my ch 13?

[kst7488]

i have a unique case.

i am an exotic dancer and i file my taxes low hence how i was able to file 13 with that new means test.

id like to be able to start ivesting and keeping money in the bank again soon, but i dont want my income to look like its gotten way higher and get my ch 13 revoked. can they do that? should i lay low the entire payment period for the years i am doing the plan or can i gradually each year claim higher on my taxes and start putting more money in the bank?

[HHM]

Well, they wouldn't "revoke" your chapter 13, but they could request an increase in the monthly payment.

By the way, that is a unique situation
Letter of the law is, you devote ALL disposable income to your chapter 13 plan for the entire length of the plan. But, if you start making more money, you can do things with it, but yeah, you need to lay somewhat low (but you don't need to resort to putting cash in the mattress )

[Trixie007]

In other words, you have cash income that you didn't disclose and don't pay taxes on? Low profile seems the way to go...

[spearmint]

Well, they wouldn't "revoke" your chapter 13, but they could request an increase in the monthly payment.

By the way, that is a unique situation
Letter of the law is, you devote ALL disposable income to your chapter 13 plan for the entire length of the plan. But, if you start making more money, you can do things with it, but yeah, you need to lay somewhat low (but you don't need to resort to putting cash in the mattress )

I've been wondering about the cash in the mattress idea. Can the trustee monitor one's bank accounts?

[HHM]

I've been wondering about the cash in the mattress idea. Can the trustee monitor one's bank accounts?

They can--meaning, they request the debtor to supply monthly bank statements or an income and expenses report--but doing so is exceedingly rare. The only time I have heard it happening is if the debtor is self employed and makes decent money, the trustee in that case requested monthly P&L's for the business.

Thus, they have the right to monitor your more closely, but 99% of debtors need not worry about such close monitoring. The vast majority of chapter 13 trustees will accept a confirmed plan and let you go about your business with minimal interference. About the only oversight most trustees give to a case is to request a copy of your tax return each year.

[kst7488]

so theoretically can i start keeping a checking/savings account without any drama added to my life by the trustee?

[kst7488]

In other words, you have cash income that you didn't disclose and don't pay taxes on? Low profile seems the way to go...

well the whole idea is i would like to put myself into a higher tax bracket slowly over the next few years so i qualify for loans/morgages after my 13 is paid in full.

[HHM]

so theoretically can i start keeping a checking/savings account without any drama added to my life by the trustee?

Yes, you can have a bank account it shouldn't be an issue.

[deadbroke99]

Just wondering here, but how much do you usually make a year in your line of work? I have always wondered that..lol

[kst7488]

it varies greatly by area, how good you are at sales (which is really all the job is) and how often you work. its very much a self motivated business.

[deadbroke99]

Well I don't have the assets..(nice pun huh) to make that work! LOL

[BKINAZ]

QUESTION:
Do trustees ever request bank account records after 13 is filed? Will they only aske for tax returns or bank statements too? You had said she could start a bank account...if she has $10k in that account...who knows?
COMMENT:
Don't know how good she is...but I can tell you a good friend of ours left her $50k 9 hour a day, 5 days a week job to do massages. She's working 3 days a week...6 hours a day and is making more. My wife (double masters) is a bit bummed. lol

[kst7488]

well i finally have a bank account, but im still nervous to put much in it. do you think theres a cap on what i can deposit and save?

[falken]

No offense intened... but... are you really asking how long you should lay low while commiting tax and bankruptcy fraud?

My answer would be forever.

[Flamingo]

well i finally have a bank account, but im still nervous to put much in it. do you think theres a cap on what i can deposit and save?

I would put enough in it to pay the necessary bills (i.e., rent, mortgage, food) but I don't think anyone on here will assist in giving any advice on how to commit fraud during a Chapter 13 by not disclosing additional funds earned during the Plan and to avoid taxes. The trustee at any time during your Plan can ask for any documentation from you and your entire situation could be a bulging can of worms just waiting to pop.