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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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i have my bankrupty down from 154000 to 70000 and it is very

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i have my bankrupty down from 154000 to 70000 and it is very hard topay 2700 per month can it be rewrote for another 5 yr to make a smaller payment
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 6 years ago.

Hi JACustomer,

1) How many are in your household?

2) When you said your "bankruptcy down from 154000 to 70000", did you mean your income went down from 154000 to 70000?



Edited by cfortunato on 11/7/2010 at 3:22 PM EST
Customer: replied 6 years ago.

four in family

 

i have my bankrupty paid down to 70000 just wonderd what happens if i would stop paying . what would the irs do about the ballance

would like to get it rewrote for another 5 yr

Expert:  cfortunato replied 6 years ago.

5 years is the absolute maximum amount of time that is allowed for the Chapter 13 payments. Accordingly, it is not possible to get a 5-year extension.

However, if your income has decreased, and/or if your allowable expenses have increased, you can ask for a reduction in your monthly payment. This is called a "modification".



Edited by cfortunato on 11/8/2010 at 4:41 PM EST
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