payment plan question

[95kindebt]

I everyone. I'm wondering, if our income increses in the 5 year plan (right now I'm a Stay at home mom) but plan to go back to work when my daughter is in 1st grade (1 year) will our plan amount increase?

[justbroke]

This depends.

• If you are already in a plan paying 100% to unsecured creditors, your Plan payment probably won't change.
• If your earnings only go up by 10% in a single year, the Trustee usually won't care, and your payment won't change. So long as you're adhering to other parts of the plan and are otherwise on-time.
• If your new jobs contributes (more than 10% of your household total income), the Trustee will probably increase your plan payments.

Having wrote all that... this depends so much on your local District, it's hard to say. In some Districts, Trustees don't care what happens with your income, so long as you continue to pay on time and adhere to any plan provisions (like submitting your tax returns and turning over tax refunds). In other Districts, the Trustees seem to care if your income increases by more than 10% and would seek to increase your payments.