Kentucky | Bankruptcy
Legal Question
Ch 13 Payments - Temporary Suspension?
Am 2 years into our 5 year Ch 13.
It is a 100% repayment plan where
we will most likely be paid at the 50
month mark.
Due to a summer layoff (that will
end in mid-august), our income has
fallen below the BK threshhold and
in fact has been cut in half, allowing
for us to pay food, and those bills
approved outside of the
bankruptcy.
Would a request to Modify the
Petition for a two month (July and
August) stay likely be approved
given that we have not missed any
payments, and would be able to
resume on Sept. 1 with no issues?
Or would we be better off asking
for a temporary reduction in
payments (like 500 instead of the
$1,100 that we are currently on the
hook for).
(I recognize this is a question for
our BK attorney, but am stressing
about this over the weekend so am
just looking for a general answer)
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