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Do I need to notify the bankruptcy trustee of an increase in income?

Do I need to notify the bankruptcy trustee of an increase in income?
"What a life-altering impact Chapter 13 bankruptcy can have! You are no longer awoken at all hours by creditors or concerned about receiving a notice of foreclosure in the mail. To continue relieving yourself of this enormous burden, you must adhere to the Chapter 13 regulations.

One of these rules has already been discussed: you must obtain permission before incurring new debt. In a chapter 13 bankruptcy, you must also report changes in your income. The Trustee and your bankruptcy attorney are aware that life will continue to unfold during your Chapter 13 bankruptcy. Your income may increase following a promotion or plummet following a job loss. No matter what happens to your income, the Trustee must be kept informed to ensure that your plan payment remains appropriate.

A higher plan payment may result from an increase in income. A decrease in income or loss of employment, on the other hand, could allow your St. Louis bankruptcy attorney to modify your payment to be lower. Your ability to pay may not be the sole determinant of your plan payment, but it may result in a change. To obtain the numerous advantages of declaring bankruptcy, you must make every effort to repay your debts.

Will failing to disclose a change in your income land you in jail? Perhaps not necessarily. Withholding information about your income will typically result in termination. This means that the time and effort you and your bankruptcy attorney invested in getting you out of debt may have been for nothing. How would it feel to have overcome all obstacles only to be left without relief? I am aware that I would not jeopardize the safety and prosperity of my family.

If you conceal information about a change in your income from the Trustee, you could also be accused of bankruptcy fraud.

On your path to a new start, the number of obstacles you face will be determined by you. You can choose to abide by the rules and get a fresh start for your family, and with the assistance of an experienced bankruptcy attorney, this may not be such a challenging task.

So, what are your next steps? Will you continue drowning in debt or will you take action?""

" - https://www.affordablecebu.com/

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"Do I need to notify the bankruptcy trustee of an increase in income?" was written by Mary under the Finance / Wealth category. It has been read 152 times and generated 0 comments. The article was created on and updated on 03 June 2023.
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