What do I do if I Lose my job During a Chapter 13 Bankruptcy in Georgia?

When you file Chapter 13 bankruptcy in Atlanta, Georgia, you enter into a plan to consolidate your debts and repay them over a three to five year period, so losing your job could change the repayment terms of your Chapter 13 case. If you lose your job during a Chapter 13 case, you should not panic, because you can always ask the court to decrease your payment in what is known as a post-confirmation Chapter 13 modification. The modification proposes a new plan based on your changed circumstance and can decrease your monthly payment or make any other adjustments. However, if you have no income at all due to the job loss, you may want to consider converting your case to a Chapter 7, which is the bankruptcy chapter where you do not repay unsecured debts. Regardless of your situation, the bankruptcy laws in Georgia allow changes to be made to your case based on the circumstances, so be sure to call your bankruptcy lawyer when your situation changes significantly. If you have any questions about Chapter 13 bankruptcy in Atlanta, Georgia, call the Law Offices of Charles Clapp for further information.