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Bankruptcy Law/either getting out of bankruptcy or lowering the payment

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Expert: - 9/16/2008


Question
i filed for bankruptcy in jan"08..the terms of my repayment is too much...since my payment was based largely on my income, in which i had many hours of overtime..now im not working overtime as much i cannot live on the money thats left..what can i do

Answer
You need to file a motion to modify your plan if your income has decreased significantly since you filed the case.  You must still pay a minimum threshold of debt back, so have your lawyer look to see what claims have been filed and see how much they can ask the court to reduce your plan payment to.

Bankruptcy Law

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Terry Leeders

Expertise

Handles Chapter 7 and Chapter 13 bankruptcy cases.
10 years of extensive bankruptcy experience. Filed over 3000 cases
Chicago Bankruptcy Lawyer website
"One On One Personal Service You Deserve"

Experience

I have been practicing bankruptcy law for 10 years. I have helped over 3000 consumer bankruptcy clients in that time.

Organizations
Chicago Bar Association Illinois Bar Association

Publications
author of Chicago Bankruptcy Blog
Chicago Chapter 13 Bankruptcy Blog
Illinois Bankruptcy Law Blog
Fresh Start Partners

Education/Credentials
University of Illinois Thomas M. Cooley Law School
Chicago Bankruptcy Lawyer website

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