Claims Question

[bkfiler]

no your writing is great for me. i will be starting a chap 13 thread asking questions and you can reply all day long if you know the answers. thanks.

[Jman30]

i agree, it would be nice if you got the house free and clear after paying into it for at a few years in a Chapter 13.

At first, it was a HUGE pain for me to have in the Chapter 13 - I hated my payment increasing so much, I hated being treated by the mortgage company like a common criminal.

But to be honest, I sort of like it now. It is easy. Payment comes out of my check and I never really have to think about it. Sort of relief from that thought in the back of your head about paying the mortgage all the time.....

[SinkingFast]

Can I ask about your payment plan??

Adjustments for raises in pay is what I'm curious about. Has your Ch 13 plan been adjusted annually or whenever you've gotten a raise??

Have you had any inheritances come your way while you've been in Ch 13?? How did the Court/Trustee handle that, if any??

[Jman30]

Can I ask about your payment plan??

Adjustments for raises in pay is what I'm curious about. Has your Ch 13 plan been adjusted annually or whenever you've gotten a raise??

Have you had any inheritances come your way while you've been in Ch 13?? How did the Court/Trustee handle that, if any??

No, I have never done that. The way my attorney explained it was that they take a "snapshot" of your finances and your salary at the time you file. Little 3% raises don't really matter to the Trustee. I guess if you wanted to be a fine, upstanding citizen, you could report them....but my attorney said it is not even worth the expense of modifying a plan for a little 3% or 4% raise.

Now, if you get a major inheritance, you may want to contact your attorney. Or if your employer suddenly decides to cut you a bonus check for $100,000 you may also want to call your attorney.

Outside of that, as long as you salary does not increase exponentially, you are good.

[StaciMM]

I guess if your pay increases by a small percentage, it could be argued that your expenses gradually rise also so it balances out.

[Jman30]

The way I understood from my attorney was that if you raise is equal to or less than the rise of inflation, don't even both reporting it.

The Trustee dosen't want to modify your plan for a $1,000 pay increase. It's not worth the time and effort.

[StaciMM]

Jman-what happened to the payment you mailed out on 12/10, since that payment was included in the plan?

[Jman30]

Staci, good question!!

I stopped the check, per my attorney's advice. What was the use of paying it if they had already filed to have it in the Chapter 13? Had myself a Merry Xmas with an extra $1475 in my pocket for December!

My attorney said they were screwing themselves, basically. He said they were just being jerks by filing like that after I was only a few days late and I was still within the grace period. They could have already had the Dec 2004 payment. Now, they will wait to get that payment along with every other creditor they are in line with.

[SinkingFast]

Thanks for the info, Jman. Need to know these things as you never know how it will shake out until it's all said and done.

I worried about the pay increases. Hubby got a 4% raise. That was a lower % than Senior citizens to in increase on their Soc Sec this year. You gotta fig cost of living went up way more than 4% with the costs of fuel factored in for the last 4 months of the year in '05.

Our parents are older folk as well. Who knows what will happen over the course of 5 years. Not that there's huge estates on either side, but there's potential for a couple of smaller inheritances.