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I am 2 years into chapter 13, and I am being layed off? How will that affect my bankrputcy?
Atlanta, GA
Viewed 22 times.
Posted 2 months ago in Bankruptcy / Debt
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I will receive a severance package, but I need to live on that until I get another job. I would like to take a portion and pay offthe 25% plan that I currently have, but I am being told that anything less than 36 months will require 100% repayment. After 36 months, it will still be more than 25%. I wouldn't necessarily mind paying off 100%j since it is my debt, but I won't have that AND enough to live on. Do the terms of a bankruptcy change if you lose your income? Can it be converted to a Chapter 7? Can you get payments deferred until you get a new job? Thanks!
Answers (1)
Sheila Louise Rambeck
This attorney is licensed in Georgia.
Posted about 1 month ago.
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You need to speak with your lawyer (if you had one) who filed your Chapter 13 plan for you. Yes, modifications can be requested if you lose your job. You may be able to convert it to a Chapter 7, but you would need to speak with a lawyer about your particular circumstances to see if you would be eligible for that.
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