I have a chapter 13 bankruptcy. I got laid off and my income has changed. Is there anything I can do to lower my payments?

You can submit a modified plan to lower your payments, but in most instances, you will have to pay the same total. If you were in a 3 year Plan (36) months, you can stretch it out to as much as 5 years (60 months). Or you can propose smaller payments until you return to work, at which time, your payments would increase. Good luck! If you like this info, please click on the "thumbs up" icon.

It depends on how your payments were set. If they were set based solely on your income, then yes you can amend the plan to reduce the payments. If they were set based on a need to catch up a mortgage or because of property you own, then you may be able to reduce the payments temporarily, but the payments would have to increase beyond what you were paying to make up the difference. If the payments were set to pay off a vehicle, you may have an issue with reduction if the payment on the vehicle cannot be made. Talk to a local bankruptcy attorney about your situation. You may be able to file for a hardship discharge depending on your circumstances. I hope this helps. [This communication is intended as general information and not specific legal advice, and this communication does not create an attorney-client relationship.]

You may also want to consider converting your Chapter 13 case to a Chapter 7 proceeding. IF the reason you filed under Chapter 13 was due to your having an income higher than the median for the state of NC, then now might be a good time to convert to 7 and not pay any money at all while getting your discharge of debts. IF you filed under Chapter 13 to save assets from being lost, a conversion may not be in your best interest. You really need to consult with a NC bankruptcy attorney to obtain a full explanation. I hope this response was helpful. This response is not intended to create an attorney client relationship, and if the issue does not involve the laws of the State of Florida, this response shall not be deemed to be legal advise but only a general response to a general question. This response shall not create an obligation upon the attorney to respond to further inquiry.