So you got a new job and you are wondering how that might affect your chapter 13 bankruptcy. The answer can depend on the circumstances, but it should never be a reason to decline a job, raise, or promotion.
Hopefully that change in fortune will last well past the end of your plan, and your life will get better as a result. If your plan already pays creditors 100%, then your plan will not change (although you may choose to pay it off sooner with larger payments from your increased household income).
If it does not, then the trustee may require you to file a modified plan with higher payments. But this is only where the plan requires annual updates on income and expenses (in other words, where you are required to TELL the court and the trustee about the good news).
Finally, if disclosure is not required, then enjoy the nicer lifestyle that that income provides (or save for retirement, kids' education, etc.) Get more information here.
If you live in the Woodbury, Gloucester County area, or anywhere in South Jersey, and you are thinking about bankruptcy, feel free to call me at 856-432-4113 or contact me through this site to schedule an appointment in my Woodbury office.
If you are looking for more information about bankruptcy, then download my free book,Top Questions People Ask About Filing Bankruptcy in New Jersey.
