Q: Chapter 13 Bankruptcy (in GA). Would a plan payment increase if you get new job that pays $10K more annually?
I have approximately 2yrs left of 5yr plan. I’ve had annual increases ($2K) and my plan amount hasn’t changed, is it likely it will remain the same if I accept new job offer? Rent, etc. is sky high and I need to make a bit more to survive. I just don’t want to change any plan payments etc.
A: It very well could change if it is not a 100% repayment plan. Small increases many times do not trigger an increase, but 10k certainly could. Your bankruptcy attorney will have much more insight into the practices in your jurisdiction.
A: In this district, reports of change in financial status are not required post confirmation. If you have had a negative impact on your finances, you may be eligible for a plan modification. In any event, your bankruptcy attorney would be in a position to answer any of these questions specific to your current situation.
A: The Bankruptcy code doesn't require clients to report increases in income, and in the Southern District of Georgia, there is no reporting requirement. Different courts have different local rules on the issue and you should check with your attorney on the local rules. However, if you obtain a new asset, a personal injury claim, inheritance, or lotter winning you are required to report and should do so right away.
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