What If I Can’t Afford My Chapter 13 Payments?

Chapter 13 bankruptcy in Las Vegas and Henderson isn’t the most popular chapter of bankruptcy to file.  However, a chapter 13 bankruptcy does grant debtors a 3-5-year grace period to pay off the extent of their debt. Because this is a repayment plan, Chapter 13 is only available to people with regular sources of income. Debtors who successfully complete their repayment plans can effectively protect their assets and property from Chapter 7 liquidation.

If you find yourself in a Chapter 13 bankruptcy and are unable to make your monthly payments to fulfill your ch 13, you have a few options.

1.  You can request a Chapter 13 modification in which you may be able to reduce your monthly payment to a more affordable amount.

2.  Additionally, you could also suspend your payments.  This is the preferred option if the financial problems you are having are temporary.  Your Nevada BK lawyer can help you with this option.

3.  Depending on your personal and financial circumstances, you may be able to convert your current chapter 13 bankruptcy to a chapter 7 bankruptcy.  This option is primarily for people who are incapable of making their plan payments.

Regardless of which option you may choose.  You should always seek the help of an experienced bankruptcy attorney to assure that problems don’t arise.  Not making your chapter 13 payments is not the greatest position.  However, you do have options.