What Happens if You Have a Financial Emergency in the Middle of Your Chapter 13 Plan?

Chapter 13 cases in Georgia are always difficult because you are committing to a budget that is supposed to last 5 years (in most cases). At the same time, the budget you file at the beginning of your case is supposed to remain valid for this entire time.

In my opinion, the structure of Chapter 13 makes no sense because just about everyone faces financial changes. You may change jobs. You may lose your job for a few weeks or a few months. Further, your monthly expenses are likely to change. Grocery costs go up; transportation costs go up; insurance costs go up. As most of us know, very few monthly costs go down. Yet, when you start Chapter 13, you have to file budget that contains no built in options for changes that are almost certainly going to happen.

What, then, can you do if two or three years into your Chapter 13, you have a financial emergency. Perhaps you need a new roof, or your car needs a major repair. Or perhaps a parent or sibling has a medical emergency and needs financial support.

Given that you are almost certainly going to need to adjust your Chapter 13 budget, the process for actually amending your Chapter 13 is very clunky.

As I discuss in this video, there are options to ask for a Chapter 13 payment forbearance, or to amend your Chapter 13 to deal with the unexpected. These options may require a hearing before a judge and may cost you extra money but they do exist. The sooner you can alert your attorney to the need for one of these remedies the better.

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Jonathan Ginsberg
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Видео What Happens if You Have a Financial Emergency in the Middle of Your Chapter 13 Plan? канала Personal Bankruptcy Law Atlanta