Help! I cannot afford my Chapter 13 because I lost my job. What do I do?

If your Chapter 13 plan payment is based on your current income, then you need to speak to an experienced Miami bankruptcy lawyer about “modifying” your plan.  The bankruptcy code allows you to modify your plan if you experience a material change in your income or expenses after the confirmation of your plan, but before you finish making all the payments.

You will need to come into our office (or your attorney’s office) with your latest tax return and your updated expenses. We will file a motion with the court to petition to lower your payments. The most important thing is to come in and consult with a bankruptcy lawyer as soon as you experience your change in income or employment.