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

A repayment plan in Chapter 13 bankruptcy is a court-approved payment plan that allows you to make payments to your creditors over a three to five-year period. If you need to modify your repayment plan, you will need to file a motion with the court. This motion will need to include information outlining why you need to modify your repayment plan and the terms of the proposed modification. Before the court can consider your motion, you must first make sure that the trustee assigned to your case has received a copy. The court will then review your motion and all supporting information to determine whether the modification is appropriate. If your motion is approved, creditors will be notified of the modification and receive the details of your new plan. Your creditors may object to the modification if it would reduce the amount of money they receive. However, if they chose not to object, the modification will be approved. If the court denies your modification, you will still be obligated to make payments according to the original terms of your repayment plan. If you are unable to make the payments, you may need to file for an extension or a modification of the payment terms. It is important to note that all modifications must be approved by the court before they can take effect. As such, you should consult a qualified bankruptcy attorney to ensure that your modification is properly handled.

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

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