Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Atlanta Bankruptcy Law News
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

5 Ways to Modify Your Chapter 13 Bankruptcy Plan

% of readers think this story is Fact. Add your two cents.


In a Chapter 13 bankruptcy, you don’t fork over any property. Instead, you make a structured repayment plan. But can you modify this plan?

Ideally, you’ll pay off your debts in three to five years, and be on your way. But certain situations can crop up that throw a wrench into your repayment plan. Fortunately, there are ways to accommodate such circumstances.

Here are five potential ways to modify your Chapter 13 bankruptcy plan:

  1. Unemployment. One of the most common reasons that a bankruptcy trustee will allow you to modify a Chapter 13 bankruptcy plan is the loss of income. If the income loss appears to be pretty long-term or permanent, the bankruptcy trustee will let you modify your bankruptcy plan.
  2. Illness or unexpected medical emergency. Somewhat in connection to job loss is the loss of income due to a health crisis. Medical issues can affect your ability to afford your bankruptcy plan payments. In such a case, the court can modify the plan into a more manageable payment plan.
  3. Unexpected expenses. If you’ve experienced an increase in your expenses which isn’t new debt, then the bankruptcy trustee can allow you to modify your bankruptcy repayment plan. Expense increases that justify a modification in the bankruptcy repayment plan can range anywhere from an increase in health care expenses to even the birth of a child.
  4. “Surprise” debt. If you have a new “surprise” debt that you didn’t include in the original filing, then the bankruptcy trustee will allow the modification of the Chapter 13 bankruptcy plan to include that unaccounted for debt. If the debts included in the Chapter 13 bankruptcy are actually higher than your original estimates, then the bankruptcy trustee will allow the modification of the Chapter 13 bankruptcy plan to reflect the actual (higher) amount of the debts. Surprise debt isn’t the nice kind of surprise like a birthday party, but it can be helpful for a bankruptcy modification.
  5. Paid-off debt. If you need to remove a debt that was paid off because you sold the property, then the bankruptcy trustee will allow the modification of the Chapter 13 bankruptcy plan. For example, if you sold a car or house, then the Chapter 13 bankruptcy could be changed to reflect that those debts were paid off.

If the bankruptcy trustee can’t modify your repayment plan to match your new circumstances, you might still have other options, like converting your case to a Chapter 7 liquidation bankruptcy or getting your debts discharged based on an “undue hardship.” To learn more, check out FindLaw’s comprehensive section on Bankruptcy.

Related Resources:


Source: http://atlantabankruptcynews.com/2013/05/5-ways-to-modify-your-chapter-13-bankruptcy-plan.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.