ch. 13 question
Date: Tue, 03/24/2009 - 19:32
I'm in process of working on settlements with CC but if I cannot work out acceptable and affordables deals I'll have to file ch.13 my fear is that for 5 years I'm being watched, I have to send taxes to trustee every year I'm afraid that if my salary will increase it will be taken by trustee if I have decent bonus at the end of the year it will be taken by trustee, I was told by attorney that as long I pay my scheduled monthly payment to trustee no one is going to look how my financial situation is changing over this 5 years and it runs on "auto-pilot" he said he never saw trustee going after person filing BK and putting court in motion to modify payment base on new - better salary. But I'm afraid this is going to happen to me...
my situation is that I'm scheduled to pay about $50k over 5 years if I file BK assuming I'll pay same amout what I'm scheduled today, but my fear is that they will be taking my bonus every year which increases from year to year and I will end up paying almost all or close what I own today ($180k) over 5 years period, so rather than that I'm trying to do settlement and pay in 1-3 payments $60k and not to file BK.
on the other hand there is always posibilities that my remaining debt will be sold to JBDs and I will have to deal with this later, any advices?
my situation is that I'm scheduled to pay about $50k over 5 years if I file BK assuming I'll pay same amout what I'm scheduled today, but my fear is that they will be taking my bonus every year which increases from year to year and I will end up paying almost all or close what I own today ($180k) over 5 years period, so rather than that I'm trying to do settlement and pay in 1-3 payments $60k and not to file BK.
on the other hand there is always posibilities that my remaining debt will be sold to JBDs and I will have to deal with this later, any advices?
When your Chapter 13 bankruptcy petition is discharged, you may
When your Chapter 13 bankruptcy petition is discharged, you may need to make a fixed monthly payment and repay off the debt within 3 to 5 year period. I agree with your attorney on the fact that the trustee does not generally try to modify and increase the payment so long as they receive the payments on time.