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Making Changes to Your Chapter 13 Case

 

#Georgia #bankruptcy #lawyers #chapter13 #chapter7

Making a Change to Your Bankruptcy Case is Possible

Many people in bankruptcy mistakenly believe that once they enter a #Chapter 13 bankruptcy they cannot make any changes to their case and that they are stuck paying a certain amount of money for 3 to 5 years regardless of how their circumstances change. Luckily, that is not true. The truth is that Chapter 13 bankruptcy is designed so that a debtor can make changes to their repayment plan if their financial situation changes. A matter of fact, changes in a Chapter 13 bankruptcy repayment plan is quite common.

Below are five reasons that a debtor may need to modify their Chapter 13 Bankruptcy.

1. YOUR HOUSEHOLD INCOME HAS CHANGED

Be careful, this reason cuts both ways. If your income has gone down from a reduction of hours, layoffs, or change in career, then we can help you file papers to lower the plan payment. There are limits, depending on your situation, to how low the payment can go. Conversely, if your income increases, then the Chapter 13 #trustee can ask you to increase the monthly payment. Remember that you are required to provide your trustee a copy of your tax return each year so they will know if you start making more money.

2. YOU HAVE EXPERIENCED AN INCREASE IN EXPENSES

If you have experienced an increase in your expenses which is not new debt, then the bankruptcy trustee may allow the modification of the bankruptcy repayment plan. The most common expense increases which could justify a modification in the bankruptcy repayment plan, is an increase in health care expenses or even the birth of a child.

3. YOU GOT MARRIED OR DIVORCED

Family law and bankruptcy law often intersect. When a married couple files for Chapter 13 bankruptcy, and then gets divorced, the Chapter 13 does not end automatically. It continues jointly with both spouses still participating. As long as one or both spouses makes all of the payments due under the plan, then both spouses will get the discharge, and the case will be successful. In some circumstances you can sever the Chapter 13 into two cases, and one spouse may even be able to convert to a Chapter 7 bankruptcy. If you started the Chapter 13 bankruptcy as a single person and then got married while the case was active, there are several possible outcomes. Your household income increases because you now have a second worker to share expenses, or your household income decreases because the new spouse has little or no income.

📅 SCHEDULE A FREE PHONE/VIDEO CONFIDENTIAL CONSULTATION WITH A GEORGIA BANKRUPTCY LAWYER: https://saedibankruptcyatlanta.com/sc… #bankruptcy #lawyer

TOP GEORGIA BANKRUPTCY LAWYERS

Saedi Law Group are experienced Georgia bankruptcy lawyers who have been helping Georgians file for bankruptcy for over 19 years.

We have filed thousands of bankruptcy cases here in Georgia and are in court every day fighting for our client’s rights against creditors. If you are currently struggling with overwhelming debt, or feel your financial situation will be severely stressed in the coming weeks, now is the best time to start looking at all options available to you.

Saedi Law Group offers a free, no obligation consultation with an experienced attorney (not a paralegal) who will review your specific situation and advise you about your options for moving forward. Our team is passionate about our work and we take it very seriously.

It is a privilege to help clients and their families in times like these. Bankruptcy was created for this purpose. Please contact us today at (404) 919-7296 or [email protected] to learn about what you can do to protect your future. #Georgia #bankruptcy #attorneys #chapter13 #chapter7 #financialhelp #Atlanta #Rome #Newnan #Gainesville

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