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  • How to Alter a Chapter 13 Bankruptcy Plan (Part 1)

    Altering a Chapter 13 bankruptcy plan due to changes in a borrower’s financial situation will require going back to bankruptcy court.

    Altering a Chapter 13 bankruptcy plan due to changes in a borrower’s financial situation will require going back to bankruptcy court.

    Unlike Chapter 7 bankruptcy, Chapter 13 bankruptcy involves figuring out all of a borrower’s liabilities (or debts) and developing a repayment plan that will allow the borrower to pay back these debts over the course of three to five years. In general, Chapter 13 bankruptcy plans are best suited for individuals who are earning an income and/or who are not eligible to file Chapter 7 bankruptcy (either because they recently filed such a bankruptcy case or because a bankruptcy means test has determined that they earn too much to qualify for Chapter 7).

    However, although Chapter 13 bankruptcy can offer borrowers financial fresh starts that can help them resolve much of their debt problems:

    • A borrower’s financial circumstances can change over the three to five years that the repayment plan covers.
    • Such changes can prevent the borrower from being able to make the monthly payments stipulated in the bankruptcy repayment plan.
    • As a result, a borrower may need to go back to bankruptcy court to change his repayment plan so that it accurately reflects his altered financial situation.

    In such cases, borrowers will have to provide proof of their new financial status and work with the courts to adjust their Chapter 13 bankruptcy plan. Should monthly payments need to be lowered, the court may have to extend a repayment plan by a few years; alternately, if borrowers are unable to make any payments moving forward, they may need to convert their bankruptcy case to a Chapter 7 filing.

    How Colorado Bankruptcy Lawyers

    If you are struggling with debt, are considering filing for bankruptcy or need help changing your Chapter 13 bankruptcy repayment plan, contact the trusted Colorado bankruptcy lawyers at The Law Office of Andrew McKenna. For more than 20 years, we have been successfully overseeing our Clients’ bankruptcy cases so they can resolve their financial issues as beneficially as possible. Our comprehensive legal knowledge coupled with our vast experience allows us to consistently and efficiently help our Clients achieve the best possible resolutions to their financial matters. For an evaluation of your case and expert advice regarding how to move forward, call us at (303) 730-8819.

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