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  • How to Alter a Chapter 13 Bankruptcy Plan (Part 2)

    Being laid off from a job or acquiring new debt can require borrowers to go back to bankruptcy court to alter their Chapter 13 bankruptcy repayment plans.

    Being laid off from a job or acquiring new debt can require borrowers to go back to bankruptcy court to alter their Chapter 13 bankruptcy repayment plans.

    As a continuation of How to Alter a Chapter 13 Bankruptcy Plan (Part 1), the following provides additional information regarding what is involved in changing a repayment plan that bankruptcy courts have already approved in a Chapter 13 bankruptcy case. While Part 1 of this blog focused on what borrowers have to do to petition the courts to make changes to their repayment plans, Part 2 will concentrate on situations that would alter an individual’s financial situation and, as a result, necessitate changing the Chapter 13 bankruptcy plan.

    When to Go Back to Bankruptcy Court…

    Individuals who may need to go back to bankruptcy court to alter their Chapter 13 bankruptcy repayment plan typically include those who:

    • Have been laid off or fired from their job and are unable to quickly secure new employment – This lack of income will mean that they won’t have the funds necessary to make the debt payments as stipulated by the court.
    • Have been hit with an unexpected expense, such as a new medical bill related to a recent injury or a costly car repair bill – Additionally expenses can tie up funds that may have otherwise been used towards the repayment plan.
    • Have miscalculated the amount of debt they owe – While debtors may end up owing more debt that they estimated in their Chapter 13 bankruptcy filing, they may also have paid off some debt by the time their case is resolved. In either case, their financial situation will be different from that reflected in their bankruptcy case, and petitioning the court to change their repayment plan to accommodate their new situation will be essential to resolving the case.

    If you are struggling with debt and are looking for a financial fresh start, 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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