It is possible that your Chapter 13 bankruptcy payment can change over the course of your bankruptcy. You will want to discuss this issue with your attorney in more detail.
A few common reasons are as follows:
If your monthly mortgage payment or Conduit Payment is included in your Chapter 13 plan payment and your mortgage payment increases as a result of as a result of a variable rate mortgage.
If a claim is filed in your bankruptcy by a creditor that is significantly higher than what was originally scheduled.
If additional attorney fees/”non-base” fees are added to your bankruptcy. See your attorney for more information on what non-base fees may apply.
If you fall behind on your Chapter 13 payments and the Trustee files a Motion to Dismiss. The Trustee may have to increase your plan payments to make up for the payments you missed.
Typically, the Chapter 13 bankruptcy payment will not change. However, in a 36-60 month or 3-5 year time period a lot of things can happen to change that. Again, you’ll want to touch base with your attorney to find out if your unique situation may cause your Chapter 13 bankruptcy payments to change.
Damon Duncanhttps://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.pngDamon Duncan2010-03-17 21:28:222010-03-17 21:28:22Can My Chapter 13 Payment Change?
Typically speaking, no you will not have to go to bankruptcy court. However, you will have to attend what is called a creditors’ or 341 meeting. This is not the same thing as bankruptcy court. One of the key differences is that in bankruptcy court you will actually appear in front of a bankruptcy judge. In a creditors’ meeting you will only appear in front of the Trustee. The Trustee is the person who represents your creditors, the people you owe money to.
With that said, at times there will be situations where it is necessary to go to court. I would estimate that 98/100 times you will not have to go to bankruptcy court. If you do have to attend bankruptcy court, don’t stress out about it. Your attorney should make sure you are well prepared and it usually only lasts for a few minutes. If there are other questions that we can answer for you don’t hesitate to contact our bankruptcy law firm.
Damon Duncanhttps://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.pngDamon Duncan2010-03-12 05:14:152010-03-12 05:14:15Will I Have to Go to Court for Bankruptcy?
If you are considering filing bankruptcy, you are probably aware of the Bankruptcy Court requirement that you complete a credit counseling course prior to filing your bankruptcy, and that you complete a financial management course prior to receiving your discharge from your bankruptcy.
When the bankruptcy laws changed in 2005, one of the major changes was the new requirement of the credit counseling and financial management courses. One reason for these new requirements was so that debtors will be better informed and educated regarding their financial situation, budgeting, and obtaining credit.
While it is fairly easy to obtain the necessary credit counseling and financial management certificates, you must be aware of certain requirements and limitations.
First, your credit counseling and financial management certificates must be obtained through a Bankruptcy Court approved credit counseling agency. In other words, you cannot just find any credit counseling agency and obtain a certificate. You need to check with your attorney and/or local Bankruptcy Court to find out which credit counseling agencies are approved.
Second, there are time limitations for obtaining the necessary certificates. Your credit counseling course certificate must be obtained within 180 days prior to your bankruptcy filing. In other words, if you take the credit counseling course on January 1 and receive a certificate but do not file your bankruptcy petition with the Court until August 1, you will need to re-take the course and obtain a new certificate prior to the filing of your bankruptcy petition.
Your financial management course certificate must be obtained and filed with the Court prior to the entry of the discharge of your debts. This date is usually four to six months after you file your bankruptcy petition. As a good rule of thumb, you should take your financial management and file the certificate with the Court anytime between 10 days after the filing of your bankruptcy and prior to your first Creditors’ Meeting. By sticking with this time frame, you will avoid any potential discharge issues related to your financial management course.
Although the credit counseling and financial management course requirements may seem as though it is just one more hoop to jump through with your bankruptcy filing, most people find that the courses are actually helpful in planning for the future after your bankruptcy filing, so that you can receive a true fresh financial start.
Damon Duncanhttps://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.pngDamon Duncan2010-03-07 22:44:552010-03-07 22:44:55Why Do I Have to Take a Credit Counseling Course?
The good news is, most property can be protected in bankruptcy proceedings. North Carolina, like most states, allows you to protect most real and personal property by using “exemptions.”
Damon Duncanhttps://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.pngDamon Duncan2010-03-07 22:41:372017-07-18 15:37:51What Happens to Property That Cannot Be Protected in Bankruptcy?
https://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.png00Damon Duncanhttps://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.pngDamon Duncan2010-02-28 03:53:562020-03-24 16:33:10What is the Means Test in a Bankruptcy?
https://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.png00Damon Duncanhttps://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.pngDamon Duncan2010-02-28 03:33:062018-02-13 08:40:23What Does It Mean to Convert From a Chapter 13 to Chapter 7 Bankruptcy?
One of the biggest fears people have in filing bankruptcy is being able to protect their property. Here is the good news – we can almost always protect all of your property. You are entitled to keep a generous amount of your belongings when filing bankruptcy. North Carolina law now provides higher personal exemptions–items that are protected from seizure by your creditors.
https://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.png00Damon Duncanhttps://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.pngDamon Duncan2010-01-30 20:25:002018-11-27 10:02:14Is My Property Protected in Bankruptcy?
https://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.png00Damon Duncanhttps://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.pngDamon Duncan2010-01-22 14:00:002021-07-12 21:56:10How Does a Bankruptcy Affect a Judgment Against Me?
At your Creditor’s Meeting, the Trustee sometimes asks for additional documents. You will have a specific time frame (usually no later than 15 days) to get these documents in to him or her. These need to be sent certified mail, and also mail a copy of what you are sending to the Trustee to our office. If you have not taken your financial management course already, this needs to be done ASAP! You will need to have that notarized and pay your fee ($8 per person). This needs to be turned in to our office, so that we may file that with the court.
*YOUR CASE CANNOT BE DISCHARGED WITHOUT HAVING THE FINANCIAL MANAGEMENT COURSE FILED WITH THE COURT*
Once you have tied your loose ends with the Trustee and have taken the financial management course online, it is more of a waiting game. Normally a Chapter 7 bankruptcy lasts 4-6 months. Your creditors’ meeting is roughly 30 days after you file, so you can guesstimate yourself another 2-5 months of wait time. A Chapter 13 bankruptcy usually lasts 60 months (5 years), with the creditor’s meeting happening roughly 45 days after you file. In Chapter 13’s, continuation of timely payments is essential to staying in the Chapter 13 bankruptcy and receiving a discharge.
https://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.png00Damon Duncanhttps://www.duncanlawonline.com/wp-content/uploads/2015/01/duncanlawlogo.pngDamon Duncan2010-01-06 14:00:002010-01-06 14:00:00What Happens After the Creditor's Meeting?
