Amending a St. Louis Chapter 13 Plan
When you file a St. Louis Chapter 13 bankruptcy, a repayment plan is created in which certain debts are paid back over a period of three (3) to five (5) years. These debts would include mortgage arrearage, car notes, tax debt, back child support, and potentially a portion of your unsecured creditors (like credit cards, medical bills, and payday loans). At the end of your plan, your secured and priority debts are paid in full, and the remaining unsecured debt is discharged.
However, there are occasions during the course of a Missouri or Illinois Chapter 13 in which the plan might need to be altered by a St. Louis bankruptcy attorney. For instance, if you miscalculate how much you owe to the IRS for federal income taxes; or if the number of months you are delinquent on your mortgage was misstated; or if the arrearage owed on late child support payments was readjusted upward after filing your case. These are common examples of things that may necessitate the filing of an amended Chapter 13 plan. By making such an amendment, your plan will remain feasible, and all of your creditors will receive an adequate portion of the debts owed to them.
If an amendment is necessary, but is not filed, then it is quite possible that your case will get dismissed. If such a thing were to occur, then your creditors would be free to pursue you again and demand their own monthly payments (at interest rates that they set). Avoiding this kind of scenario is most easily accomplished by hiring the right attorney. The affordable St. Louis bankruptcy lawyers at The Law Office of Jennifer Alter-Rieken have been providing expert bankruptcy legal services for years. Our goal is to make sure that you receive the fresh start / clean slate that you deserve, and get you back on the road towards financial freedom.