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Can I lose everything if I come up short on Chapter 13 payments? Atlanta, GA

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Can I lose everything if I come up short on Chapter 13 payments?

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Bankruptcy is not a walk in the park. It is possible for a person to file for the protections that are available under Chapter 7 or Chapter 13 of the bankruptcy code, but chances are you’ve never gone through it before. Mistakes can be made that delay the final discharge of your debts. And where there is complexity, there are questions for which it may be difficult to find clear answers.

One of the first questions that many people have about bankruptcy is which chapter should be used. Chapter 7 is often a faster means to the ends, but Chapter 13 is one that should be considered if you hope to prevent foreclosure on your home and avoid the possibility of a car repossession. 

While the time frame to discharge runs longer, it tends to offer more stability in the area of cash flow because it involves setting up a negotiated plan for repayment of debt. It also offers more flexibility if your circumstances happen to change. And these days, change is perhaps the only certainty in life.

What that means, as we explain on our Frequently Asked Questions page, is that if you fall behind on your payments because of a change of situation such as a job loss or a reduction in income for whatever reason, it doesn’t necessarily mean disaster. It may be possible to petition the court for a modification in your plan to accommodate the new reality. It often depends on the type of debt that’s involved.

Another option might be to convert your Chapter 13 filing to a Chapter 7 filing. It may be that you initially filed for Chapter 13 protection because you didn’t pass the “means test” required to allow filing for Chapter 7. But that may have changed because of the changes you’ve endured.

What’s important is to know your options so you can take rational action.

Source: FindLaw, “Chapter 13 vs. Chapter 7 Bankruptcy,” accessed Oct. 9, 2014

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

Phone: (404) 685-8800

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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