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Can I Modify My Chapter 13 Repayment Plan?

On Behalf of | Sep 20, 2021 | Bankruptcy

When you’re facing debt, a Chapter 13 bankruptcy can be a powerful way to help you move forward. It can help you reorganize your finances, pay off your debts, and find a path that works for you. But what happens when circumstances change? The answer is that you may be able to modify your Chapter 13 repayment plan and an attorney could help.

At Telpner Peterson, our skilled Council Bluffs bankruptcy attorneys are ready to guide you through a Chapter 13 case and seek modifications when you need them. We’ve seen firsthand how much Chapter 13 cases can help people through debt, and we’re ready to discuss plans that could work for you.

Our team has been helping the people of southwest Iowa and Nebraska since 1952. Whether you’re exploring bankruptcy, starting a Chapter 13, or you need modifications to your plan, we’re ready to help you.

Contact us to talk about your needs. Give us a call or use our online form to get in touch today.

Chapter 13 and Repayment Plans

We all have times when bills can pile up and get out of control. But we have options for dealing with debt through the legal system. One of the most important options is known as a Chapter 13 bankruptcy case.

Chapter 13 is a type of bankruptcy that can work for people with income streams or specific property goals. Under this type of bankruptcy, you’ll work with creditors to build a repayment plan, then make monthly payments for three to five years. But at the end of that period, any remaining debt should be cleared.

But accidents happen, and unforeseen circumstances can pop up. So what happens if something interrupts your plans and interferes with your ability to make payments? In those cases, you may be able to seek a modification of your repayment plan.

Modifying a Repayment Plan

Under bankruptcy law, you are allowed to request modifications of your Chapter 13 repayment plan when things change. But the timing of your request may have significant consequences for your case. That’s because a request for modification before court confirmation of a plan may look different than a request for modification after confirmation.

As part of a Chapter 13 case, a court will need to review your plan and confirm it. If circumstances change before confirmation, you can talk with the court trustee and your creditors to adjust your plan. That can help you make your payments in line with your new situation.

The situation may look different if a court has already confirmed your plan. If that’s already happened, you’ll need to file a motion with the court for modification. Under this procedure, you’ll need to have a court hearing and creditors will likely have opportunities to object to any modifications.

How an Attorney Could Help

An experienced bankruptcy attorney knows the bankruptcy process and what goes into modifications. They handle Chapter 13 modifications regularly and they know what you could face if you seek one. Important ways that an attorney could help you during the Chapter 13 repayment modification process include:

  • Advising you on your options for modification
  • Answering your questions about Chapter 13 modifications
  • Letting you know if other bankruptcy or financial tools may be available
  • Gathering essential paperwork
  • Representing you and your interests
  • Standing up to creditors
  • Handling the stress of working with a bankruptcy trustee
  • Fighting for you in any court hearings

Contact a Chapter 13 Attorney Today

If you’re seeking a Chapter 13 modification or looking at other forms of bankruptcy, contact Telpner Peterson now. Our knowledgeable Council Bluffs bankruptcy attorneys have years of experience helping clients through bankruptcy and out the other side. And no matter what type of debt relief you need, our attorneys are here to provide options that work for you.

To learn more about how we can help, reach out to us today.