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Roger
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Category: Bankruptcy Law
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This is a chapter 13 question. In 2009, the debtors filed

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This is a chapter 13 question. In 2009, the debtors filed a 60-month plan that was confirmed. It was not a "POT" plan, it was a 16% plan. The plan was confirmed and the claims bar date was after confirmation. After confirmation, but before the claims bar date a creditor filed an unsecured, non-priority claim, apparently raising the amount to be paid to unsecured creditors. That claim went undetected. Now, with about a year left on the plan, the Trustee says that plan payments must be nearly doubled to pay out all of the claims. Can the debtor now get a post-confirmation modification to go back and make it a POT plan so that the monthly payments can remain where they are? Thank you in advance for your assistance...
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  Roger replied 1 year ago.

Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney. Thanks for your question.

A "Pot" plan occurs where all payments come from a single source, such as the sale of an asset. Chapter 13 bankruptcies generally require ongoing income in order to confirm the plan. Thus, bankruptcy courts should not confirm a "POT" plan under Chapter 13.

IF you can't do anything about the amount of the claims made, the most likely way to resolve this is to file a motion to modify the chapter 13 plan and get the payments extended past the 5 year mark. As you know, your bankruptcy can only last 5 years, BUT you can agree with creditors and the trustee to make payments post-bankruptcy under an agreed amount reflected by the plan.

Modifying your plan would allow you to extend the payments and keep the monthly obligation from doubling.

Roger, Attorney
Category: Bankruptcy Law
Satisfied Customers: 27061
Experience: BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Roger and 2 other Bankruptcy Law Specialists are ready to help you
Expert:  Roger replied 1 year ago.

Hi - thanks for allowing me to assist you. If the need arises, I'll be glad to answer any additional questions you have regarding this or any other issue. Just let me know.

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