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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
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Experience:  Bankruptcy professor.
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This question may be lengthy, but I want to be thorough. My

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This question may be lengthy, but I want to be thorough. My wife and I filed chapter 13 in November. All meetings have been completed and the plan has been confirmed. A couple of my questions are. 1. One of the creditors was under my wifes mothers name as a co-debtor and was not listed as so. My currenty attorney is following up with additional ppwork, says we may have to file for an amendment?? 2. When the plan was filed, my wife was receiving unemployment, we are paying approximately $2600.00 per month, which comes completely out of my payroll. When it is all said and done I have a $120.00 paycheck. Addittionally my wife has since received full time income and is currently making approximately $700.00 more per month. Do new pay stubs have to be submitted and does a new plan need to be refiled, or is ok to just work under the orignal confirmed plan while she was collecting unemployment? My attorney originally informed me that if there was great deal of change in income it should be reported. I did not know if this was considered a substantial change. As I stated before the $ comes out of my payroll, and I may be getting 30 to 50 cent raises annually. Would this mean I have to notify my attorney or trustee? The last thing I wanted to have happen was have the plan negated, but I want to be safe. Any direction would be helpful.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.
Hi Misfit,
What is your legal question pertaining to issue 1 (the amendment)?
Customer: replied 4 years ago.
My attorney sent a letter to the student loan service in question. He stated that since it was under her mothers name it may need to be pd by her because she was not listed as a co-debtor. I was instructed when first beginning this process, that you could not pick and choose what debts were pd. I guess the question is, if I have to refile, there would be a fee involved, what other information would have to be disclosed? Example, my wife now working full time as opposed to on unemployment.
Expert:  cfortunato replied 4 years ago.
1) The fee for filing an amendment is $26 (plus what your attorney will charge).
2) Throughout the plan, you are supposed to keep the court informed of significant changes to your income and expenses. There is no set rule, but I consider "significant" to be about a 10% increase or decrease in income or expenses (based on the Schedule I [Current Income] query at the bottom). Other attorneys, including yours, may use a different percentage, and of course, you should follow his advice.

Customer: replied 4 years ago.
I am not sure what 10% is exactly. If she was making $2020.00 a month and now it is $2800.00, would that qualify as 10%. Also, how is this extra income verifed. How would any attorney or trustee know? I am already paying 40% to my unsecured creditors. Again the $ comes out of my account. I have not received a raise of anything recently. My attorney thinks we ask a few two many questions, so we were told to let it be for now. His advice was roll the dice and wait and see or submit new paystubs. If we do submit new paystubs, is there a refiling fee? Lets go Mets
Expert:  cfortunato replied 4 years ago.
I just re-read the relevant statute (Bank. Stat. 1329). It states, "[a]t anytime after confirmation of the plan...the plan may be modified, upon request of the debtor, the trustee..." (ital. added). According to that statute, the debtor does not have to apply for a modification based on an increase in income. Sorry for the misinformation. I was confusing this with a Chapter 7 where the debtor does have to inform the court of significant changes, until the discharge.

Let's go Mets!
Customer: replied 4 years ago.
lastly, so long and short there is no penalty under a 13, additonal income does not need to be reported? Just want to be clear. I appreciate everything. This is the year of the Mets.
Expert:  cfortunato replied 4 years ago.
Yes - there is no affirmative duty for the debtor to report changes in income.
Good for the Mets - I live near the Stadium. I'm not a sports fan, but I heard the Mets weren't doing do good this year. Are you pulling my leg?
Customer: replied 4 years ago.
Not at all I grew up in Scranton Pa. My whole Family was Yankee fans, so obviously I became a met fan. We are only 2 games out of first place. I have been to shea probably 30 times. This may sound dumb, and then I will obviously accept your answer. What if I hit the lottery, would I have to disclose that under a 13?
Expert:  cfortunato replied 4 years ago.
With a few nonrelevant exceptions, the property of the Bankruptcy estate consists only of property the debtor owned at the time of filing, or had an interest in at the time of filing.
If you purchased the lottery ticket before you filed, and you won the lottery after you filed, this would be property of the estate, and you would have to disclose it.
If the ticket was purchased after you filed, you would not have to disclose the winnings. Even if you did, however, the Bankruptcy court could not take them.
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience: Bankruptcy professor.
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