Photo by Kelly Sikkema on Unsplash The new coronavirus law temporarily allows amend Chapter 13 plans to extend to a 7-year period instead of the current 5-year maximum. Last month we described the changes to bankruptcy law made by the coronavirus CARES Act enacted on March 27, 2020. One of those changes is the ability to extend the length … Read More
The Chapter 13 trustee is an important player in your “adjustment of debts” case so it helps to know how to deal with him or her.
It’s good to know that your Chapter 13 payment plan can be changed during the 3 to 5 years the case lasts to address changing circumstances.
Sometime you and your lawyer don’t know everything you need to know to put together a perfect Chapter 13 plan. So then you can modify it.
Before committing to a Chapter 13 “adjustment of debts” it’s good to know that its plan can likely be “modified” if your situation changes.
There are various ways of dealing with debts that arise during the course of your Chapter 13 “adjustment of debts” case.
Yes, the “discharge”–write-off–of your debts does not happen until the end of your 3-to-5-year case. Thus there are some resulting risks.
Whether you must pay for 3 years or 5 depends mostly on your income. Exactly how long it last depends on the many moving parts of your case.
It’s much safer than under Chapter 7 because the protection lasts for years instead of just a few months, and is more flexible.
What happens if you file a Chapter 13 case to save your home but a year or two later your income goes way down?
What happens if you file a Chapter 13 case to save your home but then later decide NOT to keep it after all?
What happens if your income goes up during the years of a Chapter 13 case?
What happens during the years of a Chapter 13 case after the judge approves your plan and you finish it?