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I am filing a Chapter 13 in Los Angeles CA. Schedule I item

Resolved Question:

I am filing a Chapter 13 in Los Angeles CA. Schedule I item 17 asks to describe any changes within a year of filing. There are none. However, in 20 months I will payoff 401K loan, leaving me with additional funds which I wanted to add to my savings. Am I required to disclose this information even though nothing changes within a year of the filing?
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 3 years ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.

 

The form only asks for any expected increase or decrease within the upcoming year, so you would not have to include this now.

 

However, when you do get the debt paid off, you would have to report that to the trustee, and the trustee may request that the court order you to increase your payments based on the extra income. The trustee should know about the loan through the repayment plan, and the trustee will also know when the debt is paid.

Customer: replied 3 years ago.
Disclosing this information to the trustee is my obligation. Correct? I don't my lawyer to disclose until it is required. There's a chance that the trustee will not reuqest that the court increase my repayment.
Expert:  Roger replied 3 years ago.
Yes, you are obligated to report any increase in income to the trustee.
Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 26922
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
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