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Is it possible to decrease Chapter 13 time frame?
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serenity2022, I have a question which may help us answer your question:- What percentage of your outstanding debt will have been paid if you stay in your current plan with no changes?
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It's always possible. If you are not in a 100% plan, however, it will likely mean that you will need to pay 100% of the allowed unsecured creditor claims. Of course, I'm talking about those that are required to be in a plan no less than 60 months (or to pay 100% of the allowed unsecured claims).
The calculation of whether or not a debtor will be in a 100% plan, after a significant increase in income, is too fact-specific. It depends on factors such as the following; how long in the plan has the debtor been? is the amount, from that point forward, sufficient to pay 100% to the creditors early? along with many other competing factors.
For most debtors, decreasing the length of a Chapter 13 is simply not achievable.
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Is it possible to decrease Chapter 13 time frame?
If a significant increase in income occurs, is it possible to modify a Chapter 13 plan to a shorter time frame? Or will the payments to the trustee/creditors just be increased and commence with 5 year plan?Tags: None
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