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i have a bankrup that i pay415 monthly when it stated i was ...

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I have a banrupcy that...
I have a banrupcy that I have been paying to the trustree $415 Iam now disable and receive $869 in benifits which makes it almost impossible for me to pay all my other bills.what can I do to have it reduced or just eliminated.
Submitted: 9 years ago.Category: Bankruptcy Law
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Answered in 1 day by:
6/10/2008
Bankruptcy Lawyer: JoeLawyer, Attorney replied 9 years ago
JoeLawyer
JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience: Attorney in the practice of Bankruptcy Law since 1996
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Odi:

If your financial circumstances change in the middle of a Chapter 13 Plan, you can frequently file a Motion to Modify the Plan to reduce the payment amount, or reduce the duration of the Plan. If this is not feasible, you can also sometimes convert the Chapter 13 to Chapter 7 and get a discharge. Of course, reducing the Plan payment amount or conversion may have an adverse affect on certain debts, such as if you are catching up home arrearage or paying for a car in your Chapter 13 Plan and those debts are not paid yet. Or, if you are in Chapter 13 to protect equity in an asset beyond your exemption limits, you may have issues if you try to reduce the Plan payment so much that you are no longer paying enough to protect those assets (called the Best Interest of Creditors Test). Or, if you filed a Chapter 7 within 8 years of the filing date of the current Chapter 13, you cannot convert the Chapter 13 to Chapter 7. So, there are lots of issues that can come up with changing a Plan payment or conversion, but these options are frequently helpful so I strongly recommend you advise your attorney of your decrease in income so you can see which option suits your circumstances best.

I hope this helps and a positive feedback is always appreciated if this was useful to you.

Joe

LEGAL NOTICE: I am only licensed to practice law in certain state(s) and I cannot give legal advice to someone who does not reside in a state in which I am licensed, nor shall anything I say in the above answer or elsewhere on this site be deemed legal advice, even to someone who resides in a state in which I am licensed. Fees I receive for answering questions are paid for information, not for legal advice. This forum is designed to provide general information only, and information herein is not warranted to be correct or applicable in any way since laws may have been misinterpreted herein, since laws change from time to time, and since the impact of those laws on any particular situation varies. The information presented in this site shall not be construed to be formal legal advice nor the formation of an attorney-client relationship. Persons accessing this response are encouraged to seek independent legal counsel in their jurisdiction for guidance regarding their individual circumstances. Do not take any action or inaction based on information presented herein since it is informational and may not be accurate or applicable to you; it merely attempts to give you a basis of knowledge to help you formulate questions to ask a legal or other professional in a face-to-face meeting in your jurisdiction. Joseph Ross does not hold himself out to be a specialist or expert in any area, regardless of assertions made by any third party, and any implication of being an expert or specialist herein is made in error. I hope the information presented above is useful to you. Answer above is (c) Joseph Ross. All rights reserved.

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