How to Lower Your Bankruptcy Payments

When one has filed a Chapter 13 bankruptcy, one agrees to a court-approved payment plan whereby one agrees to pay back the creditors one owes.  Therefore, the only time a bankruptcy payment plan can be lowered is when one already has a court-approved Chapter 13 payment plan in place.

In a Chapter 13 bankruptcy, there is a court-appointed trustee who will administer the estate and assist in handling day to day issues with the payment plan.  This trustee may be able to assist in the lowering of bankruptcy plans, or you may have to formally petition the court. It is important to note that each state has different bankruptcy laws, so one must be certain to check with the particular state laws in order to determine at the outset if the state laws permit the lowering of bankruptcy payments.

What to Do to Request a Lower Bankruptcy Payment

When requesting to lower a bankruptcy payment, the request must be supported by evidence documenting the reasons why a lower bankruptcy payment is required.  Such evidence consists of the following:

• Pay stubs
• Pank statements
• Bills
• Receipts
• Any other documentation indicating the reason for a lower bankruptcy payment

Getting Help

In the event that you would like to seek to lower your bankruptcy payments, you should seek the services of an experienced bankruptcy attorney.  An experienced bankruptcy attorney will be able to assist you in determining whether your state permits a request for lowering bankruptcy payments.  Furthermore, the attorney will know the procedure necessary to make the request, in addition to helping you identify and gather the appropriate documents to support your request.  Moreover, an attorney will be familiar with the best way to present your request and therefore be able to present your case in the most favorable way.