What if I get a raise after filing Chapter 7?

The increase may not change your circumstances since a Chapter 7 bankruptcy is based on your financial circumstances at the time of your filing. If your income has increased significantly, then you may be required to move to Chapter 13 bankruptcy.

What happens if I get a bonus during Chapter 13?

If you file for Chapter 13 and receive the bonus after filing, it may be factored into your repayment plan. This depends on if the bonus is something you normally get every year or if it’s a one-time bonus. In fact, any raise at work, overtime payments or extra income may be used to repay creditors more quickly.

Can you keep 3 cars Chapter 13?

It’s possible to keep more than one vehicle during a Chapter 13 bankruptcy. The cars you have must be seen as reasonable and necessary. If not, then you most likely are going to have to give up the extra vehicle. A Chapter 13 bankruptcy takes three or five years to complete, and a lot can happen during that time.

Can I spend money after filing Chapter 7?

If you file a Chapter 7 bankruptcy petition and it is a “no asset” case, your spending after filing should reflect what you stated on your schedules. If either your income or your expenses change considerably while still in Chapter 7, again, you should consult with your attorney.

Can you keep your tax refund after filing Chapter 7?

Any return that results from income earned after filing for bankruptcy is yours to keep. A tax refund that’s based on the income you earned before filing will be part of the bankruptcy estate no matter if you receive it before or after the filing date. Tax refunds go to the estate.

Can I make extra payments on my Chapter 13?

Your monthly Chapter 13 payment amount is partially determined by your discretionary income. An increase in income, along with unchanged costs for approved essentials, means your extra funds are viewed as discretionary income. In this situation, the court can increase your monthly payments under the plan.

Will Chapter 13 leave me broke?

Chapter 13 Has a Failure Rate of 67% Well, to get a discharge of your debts, you need to complete a 3-5 year repayment plan. And most plans are 5 years long. Only at the end of the plan will the remainder of some debts be forgiven.

Can I put money in savings while in Chapter 13?

You can file a Chapter 13 bankruptcy petition if you have savings but the savings become part of the bankruptcy estate and unless some portion of the savings is exempt under the state or federal exemptions the savings can be used to pay creditors.

Can I keep my assets in a Chapter 13?

You can keep your property in Chapter 13 bankruptcy, but you’ll have to keep up with secured debt payments and catch up on secured debt arrears. In Chapter 13 bankruptcy, you can keep all of your property.

Can I lower my car payment in Chapter 13?

Another benefit of Chapter 13 bankruptcy is that it might allow you to reduce the principal balance and interest rate on your car loan through a cramdown. Since your car payments will get stretched out over the life of your plan, this will likely reduce your monthly expenses as well.

Does trustee check your bank account?

You may be worried your bank will freeze your account as soon as it becomes aware of the bankruptcy but that rarely happens. Please be aware that your trustee does not have access to your personal account. A separate account is opened to manage your bankrupt estate.

When do you get a profit sharing bonus?

Profit Sharing Bonus. For each Fiscal Year (as defined below) during the term of this Agreement, the Company may pay to Employee a cash bonus based on the performance of Employee and on whether the Company meets its earnings goals.

What are the limits for profit sharing plans?

This limit is the lesser of: 100 percent of the participant’s compensation, or $52,000 for 2014 and $53,000 for 2015. If contributions are made to a profit sharing plan, employers can deduct amounts not exceeding 25 percent of the compensation paid during the year to all participants.

Can a company terminate a profit sharing plan?

Termination- The Plan is intended by the Corporation to be a permanent program for the provision of profit sharing benefits for its employees. The Corporation nevertheless reserves the right to terminate the Plan at any time and for any reason.

How does profit sharing bonus work for chartmaxx?

Profit Sharing Bonus. Employee shall be paid a profit sharing bonus based upon the contribution margin of the Company ‘s ChartMaxx division (or subsidiary) as follows: Profit Sharing Bonus.