Chapter 13 - Additional income - after payment plan is approved
Chapter 13: What happens - to additional money that is earned - after the payment plan is established. I am a teacher and sometimes I work during the summer (summer school) - and sometimes I do not (depending on district budget). If I do work in the summer - after the payment plan is approved - where does the addtional money go? (i.e. Is it applied to the payment plan - which would result in a decrease in the amount of time that we would have to pay?) If it does not go towards the payment plan - where does the extra money go??? Thanks!!!
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It goes to you but you should consult your attorney to see if it's something you need to report or not.19% dividend -
This is something you really need to talk to your attorney about. Districts vary as to what to do with an income increase. Many don't bother with wanting it, others have very strict rules regarding extra income.Originally posted by Bkq View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.Comment
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Check with your attorney. Your plan may be constructed so that you don't have to account for any additional funds coming in.
In our case, ours was set up so that if my husband was able to get his unemployment or went ahead and started his retirement, we wouldn't have to add to the plan, but would keep those funds.
Our payment each month is high, $1,240, which I believe pays back secured debt in full, with a small set interest amount, and 70% to unsecured.
We do however, have to provide copies of tax returns to the trustee each year.
Hope you get to keep any and all you make during the summer.Indiana
Filed March 9, 2010;
341- April 28, 2010;
Confirmed May 25, 2010;
$1,240 a month; 4 down & 56 to goComment
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