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    #1

    retirement

    We are filing 13 ASAP. Our atty says our payment will be in the $900 range, but if we increase what we put in retirement we can lower that to $600+. Is it a dollar for dollar exchange? I am trying to figure out how much to raise the retirement.

    Thanks,
    Filed Chapter 13 on 3-31-10. 341 completed 5/20/10
    $2900+ a month 0% payback to unsecured creditors
    Discharged 6/30/2015
    Tags: None
    #2
    Originally posted by frustrated51 View Post
    We are filing 13 ASAP. Our atty says our payment will be in the $900 range, but if we increase what we put in retirement we can lower that to $600+. Is it a dollar for dollar exchange? I am trying to figure out how much to raise the retirement.
    In Ch 13 how much is allowed to be contributed to retirement varies widely between local courts and trustees. Your lawyer is your best source of reliable information about what is allowed in your local bk court.

    Also you may want to ask if starting up retirement benefits now right before filing that you haven't been doing up to now could cause your trustee to challenge the expense. Some lawyers will recommend at least a few months of contributions first to create a track record before filing and reduce the chances of an objection. However, again, your own lawyer is the best judge of what will be ok to do in your local court.
    I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

    06/01/06 - Filed Ch 13
    06/28/06 - 341 Meeting
    07/18/06 - Confirmation Hearing - not confirmed, 3 objections
    10/05/06 - Hearing to resolve 2 trustee objections
    01/24/07 - Judge dismisses mortgage company objection
    09/27/07 - Confirmed at last!
    06/10/11 - Trustee confirms all payments made
    08/10/11 - DISCHARGED !
    10/02/11 - CASE CLOSED
    Countdown: 60 months paid, 0 months to go

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      #3
      Originally posted by frustrated51 View Post
      We are filing 13 ASAP. Our atty says our payment will be in the $900 range, but if we increase what we put in retirement we can lower that to $600+. Is it a dollar for dollar exchange? I am trying to figure out how much to raise the retirement.

      Thanks,
      It is hard to determine from your second sentence whether or not your attorney said that or if you yourself are asking the question. I am assuming due to that you state you are filing ASAP that YOU are asking the question since, in all likelihood, increasing payments to a retirement fund just before filing will definately be questioned by the trustee. Lrprn gave you good advice - it all depends on your district. Some people will find out they cannot contribute at all and most will be able to keep contributing at the same amount they were doing so in the several months prior to filing. It appears to be district related. Retirement contributions are voluntary and can be viewed as funds that are available to creditors.
      _________________________________________
      Filed 5 Year Chapter 13: April 2002
      Early Buy-Out: April 2006
      Discharge: August 2006
      "A credit card is a snake in your pocket"

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