Can the percentage of reimbursement be altered after initial Chapter 13 agreements were made?

Asked on August 13, 2013 under Bankruptcy Law, New York


Terence Fenelon / Law Offices of Terence Fenelon

Answered 7 years ago | Contributor

Yes.  The plan can be modified by a showing of a change of circumstances occuring after the plan was confirmed.  A motion must be brought purswuant to 11 U.S.C sec. 1329 and notice must be given to all affected creditors.  You may have to file amended budgets and income statements, (schedules I & J) to substantiate the changes.  The change hads to be approved by the trustee and the Judge.

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