Change in income after 13

[Egrain]

We are just starting to check out bk's and many of my questions are being answered here. One I can't find much info is: Once you have a budget that has been trustee approved and that you are paying on, if you get a normal pay raise, does that change your payment? Do you loose tax refunds or any extra income you manage to generate??
Egrain

[crookedoak]

My plan was never increased during the life. I had a few ammendments lowering the payments.

This was with a promotion, annual raises, and bonuses. Always stayed the same

[lrprn]

Once you have a budget that has been trustee approved and that you are paying on, if you get a normal pay raise, does that change your payment?

It depends on the size of the pay raise, if the pay raise is permanent, what instructions your trustee gave about income and expense increases after filing, and how your trustee customarily treats increases in income during the plan. Most Ch 13 trustees leave income increases of less than 10% alone.

This is a great question to add to your list when you interview 3-4 experienced bk lawyers in your area during your free or low-cost initial consultations.

Do you loose tax refunds or any extra income you manage to generate??

See my answer to your first question - it all depends on your trustee's customs handling tax refunds and bonuses. Again, the lawyers you interview can tell you what to expect in your local court.