San Diego Foreclosure Attorney – 2nd Mortgage Lien Strip
As a San Diego foreclosure attorney, I have written many times about how long a Chapter 13 bankruptcy can last. Generally, your Chapter 13 plan will be anywhere from 3 to 5 years. Given the amount of time you will be paying into the plan, many San Diego debtors want to know if they can modify the plan once it has been confirmed. This is especially a concern for those of you who were faced with a foreclosure and needed to file the Chapter 13 plan quickly in order to stop the sale.
Now, we understand that things can happen over the course of this time that can affect your ability to continue paying on the Chapter 13 plan. Let’s say for example that your auto loan is part of your repayment plan and, through no fault of your own, your car is totaled and has no value? Fortunately, you San Diego chapter 13 bankruptcy lawyer can help you. The bankruptcy code allows your Chapter 13 plan to be modified.
In the above example, the debt will be converted to an unsecured debt and will require payment only to the extent of your other unsecured debt. It should be noted that the debt does not disappear and your creditor does have the due process right to object to the changes. But, in the majority of instances, you will be able to modify the Chapter 13 plan without problem.
As a San Diego foreclosure attorney, I see changes to Chapter 13 plans that range from completion of spousal support payments to changes in health insurance. If your financial circumstance change, don’t be afraid to call your San Diego Chapter 13 lawyer for help.
Since 1976, the bankruptcy lawyers at Law Office of Harold D. Thompson have been helping Southern California residents with all their Chapter 7, Chapter 13 and foreclosure needs. We are award-winning attorneys that will fight for your rights. Don’t let another day go by with financial worry. Call our office today at 888.590.1773, download a copy of our FREE California Guide to Bankruptcy or find out how you can become a client right now!
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