The Law Office of Kim Covington

Call For A Free 1-Hour Consultation
541-393-2790 | 800-673-1891

Please Ask For Kim Directly When Scheduling An Appointment

Can you change or modify your bankruptcy?

We have pointed out numerous times in this blog the factors that are used in determining eligibility for a Chapter 13 bankruptcy. To recap, Chapter 13 is known as the “repayment bankruptcy,” which may allow you to protect certain assets while repaying most or all of your debt in a manageable way. To qualify for Chapter 13, you need to meet certain income requirements. An ability to make regular payments is essential for Eugene residents to qualify for this type of bankruptcy. However, what if your situation changes and you are no longer able to make your payments as outlined in your bankruptcy agreement?

Cornell University Law School’s Legal Information Institute points out that, in some circumstances, you might be able to request a modification for your Chapter 13 bankruptcy plan. For example, you may find yourself temporarily unemployed or facing a pay cut. You might request to reduce your monthly payment amount, which could allow you to continue meeting your obligations. If you are unable to make your payments, your bankruptcy case might be dismissed, which could result in further hardship. To avoid this problem, you might be eligible to switch to a Chapter 7 liquidation bankruptcy.

Bankruptcy courts take into account that anyone’s financial or employment situation can change without notice. Fortunately, your bankruptcy agreement is not set in stone. It is important to speak with your Chapter 13 trustee or the bankruptcy court as soon as possible when your situation changes, to avoid being penalized. The information in this blog should not replace the advice of a lawyer.

No Comments

Leave a comment
Comment Information
email us for a response

Learn More About Your Fresh Financial Start

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

The Law Office of Kim Covington

Eugene Office
1445 Willamette Street, Suite 9
Eugene, OR 97401

Toll Free: 800-673-1891
Phone: 541-393-2790
Fax: 541-344-6466
Eugene Law Office Map

Albany Office
1135 Dale Street SE, Suite #B
Albany, OR 97321

Toll Free: 800-673-1891
Phone: 541-393-2790
Fax: 541-344-6466
Map & Directions

Roseburg Office
1701 West Harvard, Suite 201
Roseburg, OR 97470

Toll Free: 800-673-1891
Phone: 541-393-2790
Fax: 541-344-6466
Map & Directions

P: 541-393-2790

T: 800-673-1891

F: 541-344-6466