What happens if your income increases over the life of a CH13 payment plan? Does 100% of the increase in your earnings get turned over to your trustee to pay back the creditors? What if the increase in income is something that is not consistent, like sales commissions?
For easy math, lets say your monthly gross income is $5K, your allowable expenses are $4K, and your payment to the trustee is $1k per month. I know it's not that simple, but work with me!
If your monthly income jumps to $8K per month, does the $3K per month all go to the trustee/payment plan, or do you get to keep any of it?
Just a little sobering thinking you may never be able to make more over a 5 year period.
Let me know everyone's thoughts. Thanks.
For easy math, lets say your monthly gross income is $5K, your allowable expenses are $4K, and your payment to the trustee is $1k per month. I know it's not that simple, but work with me!
If your monthly income jumps to $8K per month, does the $3K per month all go to the trustee/payment plan, or do you get to keep any of it?
Just a little sobering thinking you may never be able to make more over a 5 year period.
Let me know everyone's thoughts. Thanks.
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