Questions about confirmation and then increase in income
Hi all!
Just when you think things will settle down, I get a "good" curve ball thrown at me. I'm not sure how this will affect us so I wanted to get some advice on it.
I was told today that in January a fellow at work is gonna retire and I'm next in line for the position. This promotion would amount to $2,000 to $2,500 more per month; I've been waiting on this for 6 years and I didn't think anyone was gonna retire until 2-3 years. Anyway here is my info:
Filed CH 13 on 5/21/09. We were just barely below the median by $800/year and we had a negative DMI. For three reasons I won't go into now, we filed ch13 instead of ch7. We had our 341 on 6/17/09 and I just found out yesterday that we were confirmed on 7/14/09. During our paperwork process, we only had $4,500 of non-exempt assets and thus we have a 3 year payment of $125. On the 13 Data Center, a column on it says 100% to unsecured or the base amount (which is the $4,500 non-exempt assets). My first question is will I have to pay more towards that 100 % of unsecured by making a higher income now or will I just have to pay the base amount? Or will they start from scratch with us and redo all of the paperwork to come up with a new plan?
Also, in January, I will be paid an hourly wage for 3 months during a probationary period. After successful completion of this period, the position will be looked at to downsize if needed for a new employee and I will be hired at a contracted price. I do not know what that will be yet and I won't know until about March or April of next year. Will the trustee want to wait until then to see what my true salary will be before coming up with a different plan?
Also, during all of this time, I will have paid 11 months into my plan. If I have to go to a 5 year plan, will the 11 months be deducted? I know its the law that a ch13 can't go above 60 months.
If anyone has any advice for someone who has to modify their plan due to an increase in income, please let me know. I truly feel very blessed to have this problem right now with the state of the ecomony
Just when you think things will settle down, I get a "good" curve ball thrown at me. I'm not sure how this will affect us so I wanted to get some advice on it.
I was told today that in January a fellow at work is gonna retire and I'm next in line for the position. This promotion would amount to $2,000 to $2,500 more per month; I've been waiting on this for 6 years and I didn't think anyone was gonna retire until 2-3 years. Anyway here is my info:
Filed CH 13 on 5/21/09. We were just barely below the median by $800/year and we had a negative DMI. For three reasons I won't go into now, we filed ch13 instead of ch7. We had our 341 on 6/17/09 and I just found out yesterday that we were confirmed on 7/14/09. During our paperwork process, we only had $4,500 of non-exempt assets and thus we have a 3 year payment of $125. On the 13 Data Center, a column on it says 100% to unsecured or the base amount (which is the $4,500 non-exempt assets). My first question is will I have to pay more towards that 100 % of unsecured by making a higher income now or will I just have to pay the base amount? Or will they start from scratch with us and redo all of the paperwork to come up with a new plan?
Also, in January, I will be paid an hourly wage for 3 months during a probationary period. After successful completion of this period, the position will be looked at to downsize if needed for a new employee and I will be hired at a contracted price. I do not know what that will be yet and I won't know until about March or April of next year. Will the trustee want to wait until then to see what my true salary will be before coming up with a different plan?
Also, during all of this time, I will have paid 11 months into my plan. If I have to go to a 5 year plan, will the 11 months be deducted? I know its the law that a ch13 can't go above 60 months.
If anyone has any advice for someone who has to modify their plan due to an increase in income, please let me know. I truly feel very blessed to have this problem right now with the state of the ecomony