Reporting Income During Your Chapter 13 Bankruptcy

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Reporting Income During Your Chapter 13 Bankruptcy

In Oregon, the Order approving your plan says that you are required to report to the Trustee if and when your gross income increases more than ten percent from the amount originally listed on Schedule I or your bankruptcy petition.

If your net income does increase by more than ten percent , you should contact your attorney to review all of your income and expenses and file amended schedules to reflect the changes. You are also required to inform the Trustee if and when you get married during the time you are in Chapter 13.

The Judge’s Order approving your plan also says that if you or your spouse take a retirement fund distribution or have the right to receive any money exceeding $2500 during your plan, you must inform the Trustee’s office. It also says that you must keep any of that money until you either get permission from the Trustee to spend it, or notify all your creditors that you propose to spend it. Taking a retirement distribution during the plan could turn your otherwise exempt property into disposable income. If that happens, the amount of the retirement distribution may have to be paid to your creditors before you get your discharge.

2009-04-23T17:48:55+00:00
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