A chapter 13 plan modification is a modification of your current bankruptcy plan. You can have a pre-confirmation modification, which happens before your plan is confirmed. A post-confirmation modification, which is after confirmation of your bankruptcy plan.
A modification may come into play if you have received a large raise, a decrease in pay, are divorcing, getting married, adding family members, surrendering property, have increased expenses and so on.
Modifications are very common and happen in just about every chapter 13 bankruptcy case. Because even though you may start off at point A when the bankruptcy case was originally filed, most clients do not stay at point A throughout the entire 3-5 years of a chapter 13 bankruptcy, they go through point B, C, D, and more.
You may be wondering how a modification is done? A modification is really just amending your chapter 13 bankruptcy plan. You should schedule an appointment to speak with your attorney first to see if a modification is the right fit for you. If it is, your attorney will help you with the modification.
After the medication is filed there will be a confirmation hearing. Most confirmation hearings will go by default without appearances, if there are no objections. Therefore, usually, you will not attend the confirmation hearing.
Modifications are very common in chapter 13 bankruptcy. If you are wondering whether you qualify for a modification or need one, visit www.lifebacklaw.com formerly www.kainscott.com to speak with your attorney today. You will be glad you did!