Modifying Chapter 13 Plans

Falling behind on your payments for your Chapter 13 bankruptcy is never a good thing. Falling behind on your repayment plan usually means the trustee will ask that your case be dismissed, and you will revert to being fully liable for all debts due. If you have fallen behind on Chapter 13 payments, or are in danger of falling behind, there are some steps you can take to try and save your bankruptcy and get back to the repayment schedule.

The Options

If you have already fallen behind on your Chapter 13 payments, your Tampa bankruptcy attorney will advise you to get current immediately. If your case is in default you will have little to no wiggle room when it comes to modifying your plan. Since most missed payments are the result of a temporary financial emergency, the courts are generally willing to forgive small lapses as long as you get current ASAP and continue making payments. Explaining the situation to the bankruptcy judge is always preferable to remaining silent, the bankruptcy attorney advises.

If the financial situation has changed on a permanent basis, and you will not be able to continue making payments at the rate specified in the Chapter 13 repayment plan, you still have options. The courts will hear your plea for modified and reduced payments due to extended financial hardship, and you may be able to get a lowered payment, provided that lowered amount still covers the debts that are required to be paid under Chapter 13.

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