If my economic circumstances change, can I change my bankruptcy plan?

A:

One of the intimidating parts of a chapter 13 bankruptcy is the plan of repayment, which can be anywhere from three (3) to five (5) years long, depending on your circumstances.  People fear that they are locking in to something now that they might not be able to afford in a year or two due to a job loss, disability, increase in expenses, and the like.  However, oftentimes there is a solution that will keep you on track to your fresh start.  An interesting post on this topic is available on the Bankruptcy Law Network.

If you run into a situation where you can no longer afford your plan payment, you need to contact your attorney right away to see if he or she can make the necessary corrections to keep you moving forward.

Have more questions about bankruptcy?  Get the answers to the most frequently asked questions by downloading my free book, Top Questions People Ask About Filing Bankruptcy in New Jersey.  It will give you the answers you need all in one place.  Then call me at 888-857-8418 or contact me through this site for an appointment for a free consultation to discuss your case.