QUESTION
Can I file a motion to have the plan changed to 3 years, and if so, will I still owe the balance of the plan amount?
Asked on Sep 10th, 2014 on Bankruptcy - South Carolina
More details to this question:
I am in a chapter 13 plan for 5 years, but have below median income. I was put on the 5 year plan because a 3 year disposable income was just short of covering my secured debt. I am on month 36 and have paid all secured debt because my tax returns have added enough to pay them off. All secured debts are paid off and I was and still am a below median income person.
5 ANSWERS
Your question can not be answered without looking at your Chapter 13 and your current income. You should be prepared to pay an attorney for looking at someone else's bk preparation.
Answered on Sep 15th, 2014 at 8:06 PM
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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You can try for a modification, I don't know enough about your situation to say whether you're likely to succeed, but there is no reason not to try.
Answered on Sep 12th, 2014 at 2:10 AM
I don't see this as being a very good idea and would suggest looking at converting to Chapter 7 instead if you qualify. The tax refund money was disposable income that is supposed to pay a dividend to your unsecured creditors.
Answered on Sep 11th, 2014 at 2:54 PM
2 Awards
You must file an amended plan.
Answered on Sep 11th, 2014 at 2:52 PM
Bankruptcy Attorney serving Charleston, SC
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Davis Law Firm
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You need to talk with your bankruptcy attorney and have him advise you. It may cost more to get the plan changed than it is worth to you. There is a rule that a change in circumstances must have occurred to allow a modification in most situations.
Answered on Sep 11th, 2014 at 9:14 AM