Hot to stop ch13

[Whatalife]

I have a 100% payout ch13. I have been in it for 2 years. My payment just went up per schedule. I am having a very rough time with the new payments.
Please advise how I can stop the Ch13.

[HHM]

You need to weigh the pro's and con's of doing so.

You can dismiss a chapter 13 voluntarily whenever you want to by simply filing a Notice of Voluntary Dismissal.

However, you need to factor in the consequences of doing so. If you dismiss, all your creditors get to go back and add in interest, fees, and penalties back to the date you file BK. Maybe you should consider "amending" your plan. Dismissing a 13 with no plan to deal with the consequences is the worst possible thing you can do.

Also, let's be blunt, chapter 13's are a lifestyle change, you need to be willing to make the sacrifices necessary to make it work.

The only time I recommend dismissing a chapter 13 is if the debtor can pay off the debt in the same or less time than the balance of the chapter 13 (or if the debtor now qualifies for a chapter 7). Chapter 13's are flexible, if something has changed, decrease in income, etc, you can go in and amend the plan.

[CH33 Paralegal]

Unfortunately, the Ch13 is designed by congress to have you in a plan where every single extra dollar is accounted for, for the next 5 years.

Fortunately, you are in a 100% payback, which means you're paying it all back anyway. You could dismiss your case voluntarily or you could cease funding the case (unless you have an EDO..no way to vacate out of preference)

If you feel that you're ok without having that "stay" then you're essentially not paying anything extra inside or outside, besides atty fees, which I would suspect have been paid in full.

It boils down to whether you need the stay or not. Just by the fact that you are in a 100% 13 would lead me to think that you do in fact need the stay. Also, Just Broke is right. If you stop now, it's as if you never filed BK and didn't pay any CC's in that time. They will go back and retroactively assess interest and penalties to the various debts. You will be paying less back through the plan, unless you're able to work out settlements with all your creditors....not the easiest thing....hence bankruptcy.