how many months do you have left?
A Chapter 13 bankruptcy Plan can usually be modified if there is a significant and unanticipated change of circumstances, such as an unexpected reduction in income. If you have several months left in your chapter 13 plan, you can file a motion to amend your plan, and ask the trustee and Court to allow you to lower your plan and pay your creditors a smaller amount.
If you are proposing to lower your monthly payments, you will also have to submit a new budget (Schedules I & J). This amended budget must show that your current household income and expenses have decreased your disposable income to the amount you are proposing to pay in your modification.
if your monthly disposable income is lower,
the Judge will accept a lower plan
Most of what I pay is house note and car and about 3500 left to pay on unsecured. By doing the schedules I & J, is this when they would consider reducing the amount of unsecured debt to pay of less than 100%?
since the house and car are secured creditors,
they would be paid 100% the unsecured debts, would be paid less,
ok, thanks alot. Have you ever heard of attempting to reduce what you owe on a car by negotiating with the car loan people a lesser amount to owe?
...while still under bankruptcy.
If the car has limited resale value, they may agree but it is rare.
ok, thank you very much.
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