How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

Im in Chapter 13, and have been faithfully making payments

This answer was rated:

I'm in Chapter 13, and have been faithfully making payments for 2.5 of the five years required. However, my income has been sharply reduced, and I'm having difficulty making the next payment. What are my options?
Hi JACustomer,
At any time during the Chapter 13 plan period the debtor can request that their monthly payment be reduced if the debtor's income is reduced or if the debtor's allowable expenses increase.
This request involves filing a simple motion, and you can get the forms and instructions for this from the clerk at the Bankruptcy court.
Additionally, if the only reason you filed a Chapter 13 was your income was too high for a Chapter 7, and if your income now qualifies you for a Chapter 7, you would also then have the option to request that your case be converted to a Chapter 7, so that your debts can be discharged without having to pay anything more.

I think this is what you wanted to know. If not, please let me know.
Thank you.
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions