How do I modify my repayment plan in Chapter 13 Bankruptcy?

In New York, when filing for Chapter 13 Bankruptcy, you may be able to modify your repayment plan if you are unable to make your monthly payments. The process for modifying a repayment plan is slightly different depending on the bankruptcy court in which you have filed. However, generally, you will need to file a “Motion to Modify Your Plan” with the court. Once the motion is filed, you must provide the court with an updated repayment plan. This plan should include your current income and expenses, and you must show that you are now unable to make the current payments. It is also beneficial to provide a detailed explanation of why you are unable to make the payments, such as changes in job or income or additional expenses present in your life. If the bankruptcy trustee and creditors approve the amended plan, you will have the opportunity to modify your repayment plan. This process usually takes some time and typically requires an additional filing fee. After your repayment plan is modified and approved, you must continue making payments in accordance with the new repayment plan. It is important to note that you should not necessarily expect to have your entire plan modified. The court may only partially modify your repayment plan, or they may not grant your request at all. If your motion to modify is denied, you will need to continue making payments on the repayment plan you initially filed with the court.

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