Can a Chapter 13 repayment plan be altered?

One of the many benefits for filing for Chapter 13 bankruptcy in Mississippi is the fact that the debtor may get the chance to avoid foreclosure and keep much of his her personal property. Chapter 13 entails a repayment plan, as opposed to the liquidation found in Chapter 7. Regardless of the type of personal bankruptcy one chooses, it can be helpful to learn about each one from an attorney.

In Chapter 13, the repayment plan is usually between three to five years. As those who have previously coped with financial challenges tend to know, a lot can happen in a few years. Financial circumstances can change dramatically, either for better or for worse. One of the questions that those who are filing for Chapter 13 may want to know is, can a Chapter 13 repayment plan ever be altered?

In some instances, it is possible to change a repayment plan for a Chapter 13 bankruptcy. In the event that a creditor objects to a plan -- or even indicates that an objection to a plan will occur -- the plan may be altered before or after it has been confirmed. In some cases, debtors with lots of different debts may accidentally fail to include all of their debts. The likelihood of this happening is lessened when one utilizes a Chapter 13 bankruptcy attorney. If a debtor does leave out debts, the plan may be modified to account for these obligations.

When plans are modified after being confirmed, it may be due to the initiation of a trustee, an unsecured creditor or even the debtors themselves. Formulating a manageable repayment plan, and altering it if necessary, is often easier said than done. The advice of a lawyer can help clear up confusion and pave the way for a genuinely improved financial state.

Source:, "Chapter 13 - Bankruptcy Basics," accessed Jan. 16, 2016

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