What if You Can't Make Your Chapter 13 Plan Payments?

Dealing With Loss of Income and Other Changes in Circumstances

One of the biggest concerns people have about Chapter 13 bankruptcy is what will happen if they cannot make their repayment plan payments. The good news is that the Chapter 13 process is designed to be flexible in situations in which there is a change in your financial situation.

At the law firm of Gingold & Gingold LLC, our Georgia bankruptcy attorneys have the experience to advise and represent clients who have fallen behind on their Chapter 13 plans. We will help you understand your alternatives so we can pursue the best possible outcome.

Understanding Your Options Under the Bankruptcy Laws

The earlier you contact an attorney about trouble keeping up with your monthly Chapter 13 payment, the better. If you have lost your job or your income has been reduced, we can evaluate your situation and figure out whether either of these two options is available to you:

  • Reducing your payment: Depending on the types of debt you are repaying in your Chapter 13 plan, you may be eligible for a lower payment based on your reduced income.
  • Converting to Chapter 7: If you are unable to make your Chapter 13 payments, you may be eligible for Chapter 7 bankruptcy, even if you were not eligible before.

Converting your case to a Chapter 7 may also be helpful if you filed Chapter 13 in order to keep your house and have since decided that you no longer want to stay in the house. Whatever your personal circumstances, we will make sure you understand your options.

Advising on Bankruptcy Payments · Atlanta, Cumming and Douglasville Lawyers

Our firm is made up of two experienced attorneys: Ira D. Gingold, who has been a bankruptcy lawyer since 1971 and Court-appointed Bankruptcy Trustee in the Atlanta metro area from 1971-2013, and Jamie L. Gingold, who has been practicing bankruptcy, business and real estate law since 2001.

If you are thinking about filing a Chapter 13 repayment plan, please contact us at (404) 685-8800 or by e-mail to discuss how we can help.