So you’ve filed for Chapter 13 bankruptcy and have been doing your best to repay your creditors. But then life changes occur, and the repayments are starting to become too much of a financial burden. Is there anything that can be done? The answer is yes, you can modify your bankruptcy plan in Columbus and Reynoldsburg, Ohio--and here’s how.
Reasons You May Need To Modify a Chapter 13 Bankruptcy Plan
Any time a significant change in your income or expenses occurs, you most likely will be able to modify your Chapter 13 bankruptcy
plan. Reasons you may need to modify your plan include:
- Change in employment, pay cut or loss of job
- Birth of a child
- You want to surrender your home or car
- You need to add a creditor that was mistakenly left out of the plan
- Your mortgage has changed
This is not an all-inclusive list of reasons why you may need to modify your Chapter 13 bankruptcy plan. However, they are some of the more common reasons.
How to Modify Your Chapter 13 Bankruptcy Plan
To modify your Chapter 13 plan in Columbus and Reynoldsburg, Ohio, you must file a modification plan with the court. In that modification plan, you must state why it is necessary to modify as well as how you will do so. When filing, you must also prepare any documentation you have which exhibits the changes in income and/or expenses. Your trustee and creditors will then be given the opportunity to file an objection to the modification plan. If no objections are made, the modification plan can be submitted to the court where it will most likely be approved. However, if the court does find objections, and you cannot resolve them, you may have to go before a judge. Once your modification plan has been approved, you will need to update the amount that is taken from your paycheck to reflect the new changes.
Repayments Guidance From a Columbus and Reynoldsburg, Ohio Bankruptcy Attorney
You may be worried that your modification to your Chapter 13 bankruptcy plan will not be accepted. But remember, The Bankruptcy Code allows you to propose a plan that you can reasonably be expected to comply with. If no such plan seems feasible, we can discuss other bankruptcy and non-bankruptcy options. The Jones Law Firm will never put you in a Chapter 13 plan that we know you will not be able to afford to pay.
Don’t Wait to Modify Your Chapter 13 Bankruptcy Plan. Call the Columbus and Reynoldsburg, Ohio Bankruptcy Attorneys Today.
If you are experiencing financial distress or the burden of debts you cannot pay, we encourage you to contact The Jones Law Firm
for a free consultation about how we can help you modify your Chapter 13 bankruptcy repayment plan. With offices in Reynoldsburg, Ohio
, The Jones Law Firm works with clients in and around Columbus and throughout central Ohio. Don’t delay. Your financial future begins now.