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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2897
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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Thank you very much once again for your help earlier. I

This answer was rated:

Thank you very much once again for your help earlier.

I am considering filing Chapter 13 with a 5-year plan to pay 100% percent of my debts, which are primarily to IRS. If my income increases during that time, can I be forced to pay off over a shorter time-frame or do I have a right to the five years, as long as 100% still will be paid over that time?

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

Generally, the courts are fine with 5 years as long as it is 100%.

Terry L. :

The trustee does reserve the right to request tax returns to verify income, but it would be rare that they would ask to increase your payments to pay off sooner with a 100% plan. You can always pay more too so you are finished sooner too.

Terry L. :

It's rare, like I said, I haven't seen it often and I'm in court every week watching the court call in Chicago, so I've seen quite a few cases go by.

Terry L. :

Let me know if you have any other questions.

Terry L. :

Thanks

Terry L. :

Terry

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