What are My Options if I am Unable to Make My Chapter 13 Payments?
When debtors in the Oak Park area file for Chapter 13 bankruptcy , they create a repayment plan that lasts for a period of three to five years. During that time, the debtor will make regular payments to the Chapter 13 bankruptcy trustee, who will then pay creditors. Once the debtor completes the terms of the repayment plan, remaining eligible debts can be discharged. However, during that period of three to five years, a debtor’s circumstances can change. For example, a debtor might get laid off from their job and may be unable to find work. Or, the debtor might suffer a workplace injury or be diagnosed with a debilitating disease that prevents that debtor from returning to work in a meaningful capacity and earning a regular income that will allow that debtor to continue making Chapter 13 plan payments. In short, circumstances can change, and a debtor might struggle to make regular payments. If you are currently making payments as part of a Chapter 13 plan but a change in circumstances