What happens if I fail to meet the terms of my repayment plan in a Chapter 11 bankruptcy?

If you fail to meet the terms of your repayment plan in a Chapter 11 bankruptcy, you could be facing serious consequences. The court could order you to pay the full amount due on your claim or your creditors could be given more rights and you could lose your assets. Additionally, the court could order your case to be converted to a Chapter 7 bankruptcy, which would involve liquidating your assets and paying off your debts. This could have serious financial consequences and you could end up owing more money than when you filed your bankruptcy case. Another possibility is that the court could order you to make payments over a longer period of time, or to make larger payments than originally anticipated. These changes could mean you have less left to cover your living expenses and other necessities. If you are unable to meet the modified payment schedule, you could still have serious financial repercussions. If you are unable to meet the terms of your repayment plan in a Chapter 11 bankruptcy, it is important to work with your attorney to find other alternatives. Your lawyer can help you work out new payment plans or look for other financial solutions to help you get back on track. Your attorney can also help you look for other options and strategies for dealing with your debts. It is important to stay in contact with your attorney if you cannot meet the terms of your repayment plan so that you can remain in compliance with the bankruptcy court.

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What happens if I fail to meet the terms of my repayment plan in a Chapter 11 bankruptcy?

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