Modified plans, also sometimes referred to as mods, are a common term often heard in the context of a bankruptcy. Specifically, they are frequently referenced or invoked when discussing a Chapter 13 bankruptcy and the related Chapter 13 bankruptcy plan. Upon hearing the term you might ask, “What is a modified plan” and the related question, “What does a modified plan do?” At the most basic level, a modified plan is a Chapter 13 bankruptcy plan that has been altered in some way to better suit the needs of the person who filed it. A modified plan can be beneficial in a broad number of ways, and can be implemented for a wide variety of different reasons, but the basic purpose of a modified plan is to make the process of the Chapter 13 more feasible, to increase its probability of success, or to make it more impactful for the filer.
