Bankruptcy Law Questions? Ask a Bankruptcy Lawyer.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy litigation attorney here to assist you.
What your attorney has said is correct. Generally, Chapter 13 filings don't take much account into value of collateral because you're usually required to repay the outstanding debt regardless of the collateral's value. However, the lender is allowed to reduce the debtor's obligation to current value if it chooses.
Therefore, values are determined at the time the bankruptcy is filed and the corresponding plan confirmed.
You can't continue to modify the agreement after the plan is confirmed.