Steps for Requesting a Reduction in Your Chapter 13 Plan Payments

So you’ve been making your monthly Chapter 13 payment and it hasn’t been easy. There isn’t a lot of wiggle room to begin with but some months have been better than others. Plus, you know you’re on track to save a lot of money by completing the Chapter 13 bankruptcy. Then life happens. It’s the loss of a job, unexpected medical situation or a variety of other reasons why you may not be able to afford your monthly Chapter 13 payment anymore. So what do you do?

What Is An Upset Bid Period?

An upset bid period is a time period that exists after a foreclosure sale. In North Carolina, after the sale of a property in a foreclosure there are ten (10) days for another party to offer a higher bid on the property or for the owner of the property to file a bankruptcy to stop the foreclosure.