Legal Question in Bankruptcy in Utah
Chapter 13 Banruptcy - When income increases during payment plan
After the confirmation hearing and during the 60 month payment schedule, if one's income increases, does one have to notify the Trustee, and will the payment required be increased?
1 Answer from Attorneys
Chapter 13 - change in income
Whenever there is a change in income in a Chapter 13, the debtor may petition the court to amend the plan to tailor it to the changed income; however, there is no requirement that be done. You may make additional payments to the CHapter 13 Trustee voluntarily from your increased income and complete the plan sooner than expected. The sooner the plan is completed, the sooner you get your discharge and don't have to fool with the Chapter 13 Trustee any more.
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