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CH13 modification

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    CH13 modification

    Hello, I am currently 27 mos into my 60 mo plan. Have 2 auto, fed taxes and unsecured CC debt included. Plan was for $90,000 repay which included 27% pay back on CC debt. $1500 a mo. Autos are less than $1000 each from being paid in full per plan. Recently took about a $1000 mo pay reduction vs layoff, increase in almost every dept at grocery store and insurance increase has led to a mere $400 mo DMI. Has anyone else experienced this during this pandemic? Was your modification approved? Was it a significant change in monthly payment? Trying to see how courts are handling such conditions. Thanks

    #2
    It sounds like you can make a good case for a modification; of course, the devil is in the details; sounds like it is a good time to talk to your attorney.
    Latent car nut.

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      #3
      I have had 0 issues when you can document a significant reduction in pay, and $1000 a month is a significant reduction!

      I would definitely, and immediately, contact my attorney and inform them that I had a reduction in pay. I did this as well, in anticipation of a layoff, when I was in my Chapter 13. Since you actually have disposable monthly income (DMI), you have enough "room" to reduce your payment to the Chapter 13 Trustee and into the plan.
      Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
      Status: (Auto) Discharged and Closed! 5/10
      Visit My BKForum Blog: justbroke's Blog

      I am not an attorney. Any advice provided is not legal advice.

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        #4
        I actually let my attorney know back in early December. Sent in paperwork he requested, and just hadn’t heard back from him. Finally get an email from him last night. With the new numbers on the proposed budget my payment would drop to $555 mo. Hope it gets approved, that would make the rest of my plan so much more affordable. Thanks for the replies.

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