Raise during bankruptcy

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busyman

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Raise during bankruptcy
« on: February 02, 2015, 09:47:33 AM »
Got a question. I went into bankruptcy because I owed 45000 dollars when I went for an operation and that is what drained my savings and therefore could not meet the payments. To make a long story short. I am 5 months into a bankruptcy. I just got a small raise from work. Should I let the trusty know or leave it? I am paying surplus income. The raise is .55 cent raise on my paycheck. I don't think it would make much difference on the ice by the time the government gets there piece of the pie.

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NotATrust-E

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Re: Raise during bankruptcy
« Reply #1 on: February 02, 2015, 11:10:54 AM »
The short answer is yes, you should tell the trustee. There are two reasons:

1) You are required to under Section 158(n.1) which states "A bankrupt shall.... (n.1) inform the trustee of any material change in the bankruptís financial situation"

2) You will be submitting income and expense statments along with copies of your paycheques, and the trustee will be calculating your income from that.  There was someone on here with a similar situation but who got a lot bigger raise. You don't want to be in a situation where you're surprised at the end of your bankruptcy and have to pay a lot more at the end or you don't get your discharge. It would be easier to pay a little bit more each month.


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busyman

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Re: Raise during bankruptcy
« Reply #2 on: February 02, 2015, 11:19:48 AM »
Thank you very much. I will take care of it right away.

 

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