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  1. #1

    Default Income Reduction and Effect on Chapter 13 Payments

    I am in the State of PA, my husband is disabled and losing his disability insurance income Dec 30. Does our payment get adjusted since our disposable income is significantly less?

  2. #2
    Join Date
    Apr 2007
    Location
    Il.(near StL,Mo.)
    Posts
    5,252

    Default Re: Chapter 13 - Income reduced/payment reduced?

    You need to inform the trustee of any change in income. You might also want to notify your bankruptcy attorney.

    It *might* be suggested by your attorney that you change to a chapter 7 if you are eligible asset/income wise.

  3. #3

    Default Re: Chapter 13 - Income reduced/payment reduced?

    Quote Quoting Betty3
    View Post
    You need to inform the trustee of any change in income. You might also want to notify your bankruptcy attorney.

    It *might* be suggested by your attorney that you change to a chapter 7 if you are eligible asset/income wise.
    Thank you for the reply.

    I have already told my attorney, and actually he is saying that my payments are going to go up (because he failed to file a motion to reimpose automatic stay and now I owe more arrears on my mortgage).

  4. #4
    Join Date
    Jul 2006
    Location
    Ohio
    Posts
    1,126

    Default Re: Income Reduction and Effect on Chapter 13 Payments

    Hon, if your husband will lose his income, you won't be able to afford your home. You need to be prepared to move to someone that you can afford on your current income. It doesn't make sense to "save" a home that you can't afford.

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