Can the percentage of reimbursement be altered after initial Chapter 13 agreements were made?
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Can the percentage of reimbursement be altered after initial Chapter 13 agreements were made?
Asked on August 13, 2013 under Bankruptcy Law, New York
Answers:
Terence Fenelon / Law Offices of Terence Fenelon
Answered 11 years ago | Contributor
Yes. The plan can be modified by a showing of a change of circumstances occuring after the plan was confirmed. A motion must be brought purswuant to 11 U.S.C sec. 1329 and notice must be given to all affected creditors. You may have to file amended budgets and income statements, (schedules I & J) to substantiate the changes. The change hads to be approved by the trustee and the Judge.
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