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  1. #1
    Join Date
    Feb 2012
    Posts
    2

    Default How is Income Calculated for a Payment Plan

    My question involves bankruptcy in the state of: New York

    Is a 13 payment plan based on my previous 6 month income or should be based on Schedule I, current income without overtime from months ago. Also should I file before I get my tax refund, will it count as income and raise my plan payment amount?

    Was getting a lot of overtime late last year but I have no overtime in the last 2 months so my schedule I should reflect pay with no overtime and my payment should be based on this??? No or very little ot expected in the future.

    I should be able to do my taxes, get refund before I file and it wont count toward income for a payment plan? I need to buy an oil burner, should be a necessary expense?? Would this fly?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: How is Income Calculated for a Payment Plan

    A bankruptcy lawyer in your community will be able to give you specifics of how your bankruptcy court will calculate your income. There are local variations. If you want to argue that your income is going down from historic levels through no fault of your own, due to the loss of overtime, be prepared to document that to the court as necessary. You haven't told us when you plan to file your taxes or when you plan to file for bankruptcy. But whether the tax return is pending or in your bank account, it's an asset.

  3. #3
    Join Date
    Feb 2012
    Posts
    2

    Default Re: How is Income Calculated for a Payment Plan

    I plan to file bankfrptcy beginning of next month. Taxes are not done yet.

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