Legal Question in Bankruptcy in Illinois
We filed for bankruptcy chapter 13 2 years ago. We are on the 5 year plan. We have just started the third year and our payments have doubled,which we were aware would happen. Is their any way to lower any of the amounts or the interest that is being added on?
1 Answer from Attorneys
Speak with your attorney about your circumstances. There are various factors that go into the payment calculation and it sounds like yours has been increasing because additional funds have become available. It is not clear if the increases were planned in to make the plan work or are going to unsecured creditors. The other side of the coin may be that your budget can be given fresh consideration. The way you have asked your question, the payment is much more likely a factor of how much you make and how much you can reasonably budget to make ends meet and complete the necessary elements of the plan, than it is a factor of who you are paying certain amounts at certain rates.
There are really far too many factors that go into it to give you anything more than this guesswork answer. If you have been representing yourself, consider hiring an attorney. More likely than not, the attorney will be paid from the plan.
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