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I am in the last year of by repayments for my bankrupcy. Is

I am in the last...
I am in the last year of by repayments for my bankrupcy. Is it possible that once the balance is down to $5000.00 I can pay that in one lump sum and be done with the monthly payments without reprocussions?
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Answered in 5 minutes by:
9/4/2012
socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39,348
Experience: Attorney and Real Estate Broker -- Retired (mostly)
Verified
Hello,

Yes, it's possible. You could pay the trustee the remaining balance and then ask the court to order the case discharged early. But, the trustee may start wondering where that money came from, and whether you have been "hiding the ball," if you catch my meaning. So, paying off the debt early could backfire, and if nothing else, may create additional questions and perhaps even court action to try to discover why you have all this additional disposable income.

Hope this helps.

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Customer reply replied 5 years ago


Okay then, could I request to lower the monthly payments due to a change in income and the fact that we are experiencing a bigger hardship with the payment at the level it is now? Keeping in mind that I do not want to add additional payments and would like to have the bankrupcy over and done so that we may move on in our life?

You can file a motion to modify the plan, but you'll have to show that your income has decreased and that there is no reasonable likelihood of recovery during the remainder of the plan duration.

Hope this helps.
socrateaser
socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 39,348
Experience: Attorney and Real Estate Broker -- Retired (mostly)
Verified
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socrateaser
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Category: Bankruptcy Law
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Experience: Attorney and Real Estate Broker -- Retired (mostly)

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