The United States Bankruptcy Courts provide protection to consumers and businesses when debt has become overbearing and nearly impossible to manage.  For individuals who have filed for Chapter 13 bankruptcy, or plan to do so, it is important to have a thorough understanding of how a Chapter 13 repayment plan works and how the plan can be adjusted or modified.  An individual’s financial situation can fluctuate from time to time.  For example, if you are currently involved in Chapter 13 bankruptcy proceedings, and you lose your job, you may not be able to keep up with your current repayment plan.  If you have found yourself in a situation where you are no longer able to stick to your current court-approved Chapter 13 repayment plan, you have options available to you.

Modifying Your Chapter 13 Repayment Plan

When you file for Chapter 13 bankruptcy, you submit a proposed repayment plan to the court and the bankruptcy trustee.  The court may approve or deny your proposed plan.  If your plan is approved, and you start making payments in accordance with this plan, you must continue to make payments or your case could be dismissed.  However, if you know that you will no longer be able to stick to the repayment plan, you should immediately contact an attorney.  You can easily file a motion with the bankruptcy court to modify your repayment plan.  If you wait too long, you are putting yourself and your financial future at risk.

There are a variety of things that can affect your financial situation, both good and bad.  When the not-so-good things happen, such as the loss of a job, a costly illness or injury, or unexpected home or car repairs, you may have grounds for having your Chapter 13 repayment plan modified.  Many people seek to modify their Chapter 13 repayment plan on their own.  This is certainly possible, and can be done successfully, however, even one small mistake could lead to the denial of your motion to modify the repayment plan.  Avoid the stress and uncertainly associated with handling a bankruptcy matter on your own.  An understandable change in circumstances will be recognized by the bankruptcy court, and the court is willing to work with you to formulate a new plan that helps you both continue to eliminate your debt as well as have the money necessary to take care of other life needs.

Contact Kansas City Bankruptcy Attorney Douglas Breyfogle Today to Schedule a Free Consultation

The decision to utilize bankruptcy as a means of eliminating debt has enabled millions of consumers to be free from the oppressive nature of aggressive creditors.  If you currently are involved in Chapter 13 bankruptcy proceedings, and have had a change in circumstances, you may be able to have your repayment plan adjusted to fit your current financial situation.  To determine what steps you need to take, it is important to consider how a qualified and highly experienced Kansas City Bankruptcy Attorney can help you.  Douglas Breyfogle is a Kansas City Bankruptcy Attorney with more than twenty years of experience helping individual consumers and businesses eliminate their debt once and for all.  Even if you previously pursued a bankruptcy on your own, it is still a good idea to get an attorney’s advice to ensure you are continuing to take the proper steps to get your debt paid off once and for all.  If you would like to discuss your Chapter 13 bankruptcy (or any other debt-related matter) with Mr. Breyfogle, contact our office today by calling (913) 742-8700 to schedule your free consultation.