QUESTION
Will the amount my partner needs to pay when he filed bankruptcy go up or will it remain the same for 3 years?
Asked on Apr 26th, 2014 on Bankruptcy - Colorado
More details to this question:
My partner/roommate (male) has filed chapter 13 bankruptcy. We are being told payments will be about 100 per month. Is this amount going to rise in the 3 year period the lawyer explained to us? Will it hurt us that we reside together?
6 ANSWERS
Bankruptcy Attorney serving Walnut Creek, CA
at
Alan E. Ramos Law Offices
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The amount could change if there is a significant change in circumstances; however, it is unlikely.
Answered on Apr 29th, 2014 at 6:59 PM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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In New Jersey, once the plan is confirmed, it will not change unless circumstances warrant same.
Answered on Apr 29th, 2014 at 6:59 PM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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The amount to pay depends on what you can afford to pay. Is your partner my client? It usually remains the same but it could go up depending on the circumstances.
Answered on Apr 29th, 2014 at 6:58 PM
It depends on what the plan says & what the goal of the plan happens to be. Doesn't anyone read their Chapter 13 Plan anymore?
Answered on Apr 29th, 2014 at 6:58 PM
Payments can change based on changes in the person's income, either up or down.
Answered on Apr 29th, 2014 at 6:58 PM
There is not enough information in your question to properly respond. If you have an attorney, why aren't you speaking with him or her? Normally Chapter 13 payment amounts do not increase over the life of a Chapter 13 plan, normally. There are circumstances, of course, that do require that the debtor bump up the payments. If you do not have any confidence in your own attorney, pay another attorney for one hour of his or her time to review your plan with you.
Answered on Apr 29th, 2014 at 4:37 PM