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What happens when you ammend your plan?

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    #1

    What happens when you ammend your plan?

    We're currently in month 11 of a 60- month plan. Dh's income went over the 10 % allowed this year, and now we have to ammend our plan. Will we have to do the 341 again? go to court? RE calculate everything?

    We are hoping to be able to buy out of our plan at the 37th month of the plan. Should we mention this to our attorney so he can word the plan differently? Any advice is appreciated. thanks!

    Filed 12/15/09
    341 2/4/10
    confirmed 3/10/10
    Tags: None
    #2
    No, you don't have to go to court again unless you and your trustee object to how the new plan is amended. Normally though your attorney will input the increased income and also input any increased expenses you have (to help offset the new income) and come up with a new disposable income amount. As for buying out your plan after 37 months, unless it will pay your unsecured creditors 100% it can't be done.
    Filed 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.

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      #3
      Like newbie2 says, income is only a part of the equation. I am willing to bet that you have had your expenses increase enough to almost offset any gains, I know that has happened in my situation. How much does 10%gross income actually increase your net income? Calculate that and then talk to your lawyer to see if you really need to amend your plan.

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        #4
        well, we'll be about 10k over the 10% increase. Plus, we'll likely have another baby in the next year or so. We'll have to ammend the plan. If Hubby's side business continues the way it's going (it picked up after the filing, wouldn't you know it?) then we might be able to pay back 100%. My question is, this:

        Is it 100% of the CLAIMS on the BK or is it 100% of the TOTAL dischargeable debt?

        thanks again, you guys rock!

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          #5
          100% of allowed claims. If they didn't file a proper claim they get zilch and the remaining debt is discharged.

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            #6
            Wow thanks. I need to look that up then. See how much we can scrimp and save for 2 more years, to pay back the 100% to unsecured. So 100% of the CLAIMS in the BK? Only the unsecured. right? Not the cars too?

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