My husband and I are both freelancers. As we head into our chapter 13 confirmation hearing, we realize that our income will likely increase this year. I have been a stay at home mom but am now starting to work and his work is finally picking up too. By budgeting and staying in the current income to expense ratio we filed under, we will have excess money at the end of the year. We are allowed to invest it in our business to offset it but we would rather invest it in retirement plans. Has anyone done this? I'd love some investment advice. Most of all if it's even possible.
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If you are in a 100 percent payback then you would likely be fine. If not the trustee may see it when you send in your taxes and ask for the money. A question for the attorney.11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP -
Welcome to BK forum?
If you can find money in your budget, you can contribute to a retirement plan. If the trustee does review your tax returns and sees an increase in income, he/she can insist your plan be modified. But, that would not be retroactive.
What CA court are you in?
ETA: Does your attorney know you that you are starting to work? The trustee may ask at your 341 whether you expect any changes to your income. Talk to your attorney about how you should answer that question.Last edited by LadyInTheRed; 05-27-2013, 11:12 AM.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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