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Late on Chapter 13 bankruptcy payment. What now?

Late on Chapter 13 bankruptcy payment. What now?

Key takeaways

  • The court could dismiss your case or change it to a Chapter 7 if you’re late on your payment.

  • You can request a payment reduction if you’ve been faced with an unexpected financial hardship.

  • If you miss a payment or think you could be late in the future, reach out to your bankruptcy trustee or your attorney immediately and let them know.

chapter-13/?mf_ct_campaign=aol-synd-feed&utm_content=syndication#:~:text=The%20Bankrate%20promise&text=Chapter%2013%20(also%20called%20a,from%20three%20to%20five%20years.” data-ylk=”slk:Chapter 13 bankruptcy;elm:context_link;itc:0″ class=”link rapid-noclick-resp”Chapter 13 bankruptcy, also known as reorganization bankruptcy, is a legal process that allows you to restructure debt to be more manageable. As part of the process, you will be required to pay creditors a portion of the outstanding debt over three to five years during what’s known as the repayment period.

At the end of the repayment plan, any remaining debt you have left will be “discharged” — meaning you are no longer responsible for paying it. In most cases, being a few weeks late on your Chapter 13 payments isn’t a problem, but delays of longer than a month can impact your chances of a successful discharge.

What happens if you miss a Chapter 13 plan payment?

Skipping a Chapter 13 plan payment can negatively impact

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December 16, 2023 by ATTORNEY

Leading Bankruptcy Lawyer Edward M. Fox Joins Emmet, Marvin & Martin, LLP

Leading Bankruptcy Lawyer Edward M. Fox Joins Emmet, Marvin & Martin, LLP

NEW YORK, Dec. 13, 2023 /PRNewswire/ — Emmet, Marvin & Martin, LLP announced today that Edward M. Fox has joined the firm as a partner in the Creditors’ Rights, Workouts, Restructuring and Bankruptcy Group. A nationally recognized bankruptcy lawyer, Mr. Fox brings 38 years of experience representing clients in some of the largest bankruptcy cases in the country.

Leading Bankruptcy Lawyer Edward M. Fox Joins Emmet, Marvin & Martin, LLP

“We are thrilled to welcome Ed to Emmet Marvin,” said Brian D.Obergfell, Chairman of the firm. “Ed is a preeminent bankruptcy lawyer who has built a great practice and won exceptional recoveries on behalf of bondholders and other creditors. His track record of success will be a great complement to our deep bench representing institutional and other creditors in the financial services industry.”

Mr. Fox’s experience includes the representation of debtors, creditors committees, indenture trustees, bondholders, secured creditors, broker/dealers, landlords and other creditors in some of the largest bankruptcy cases in the United States, including Enron, Worldcom, K-Mart, Delphi, The New York Racing Association, Overseas Shipholding Group and Sears Holdings, at times obtaining par plus accrued or other outsized recoveries.

“I am delighted to join the firm. For over two centuries, Emmet Marvin has been a marquee

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December 15, 2023 by ATTORNEY

WeWork’s Biggest Landlords Balk At SoftBank’s Proposed Bankruptcy Financing Plan

WeWork’s Biggest Landlords Balk At SoftBank’s Proposed Bankruptcy Financing Plan

Some of WeWork’s most prominent landlords are objecting to the way the coworking company’s majority owner has laid out plans to fund its bankruptcy proceedings.

In a wave of objections filed Thursday afternoon, attorneys for office giants including Boston Properties, Brookfield Properties and Starwood Capital asked a judge to reject WeWork’s motion for debtor-in-possession financing. The attorneys argue that SoftBank Group, as the proposed DIP lender, is leaving landlords too exposed in the event that WeWork’s Chapter 11 restructuring falls apart.

WeWork’s Biggest Landlords Balk At SoftBank’s Proposed Bankruptcy Financing Plan

Bisnow/Ethan Rothstein

The WeWork location in Carr Properties’ Midtown Center at 100 15th St. in Washington, D.C.

Landlords of more than 50 WeWork locations across the country filed the objections to the bankrupt firm’s proposal, which would allow SoftBank Group’s Vision Fund to use letters of credit it bankrolled for WeWork’s leases as funds during the Chapter 11 restructuring.

“While Objecting Landlords, along with … other landlord groups, have attempted to negotiate a consensual resolution of the issues presented by the Motions, to date, such efforts have not resulted in an agreement, necessitating this Objection,” attorneys at Kelley Drye & Warren, representing Brookfield and Starwood, among other landlords, wrote in a court filing.

Douglas Rosner, a bankruptcy attorney at

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December 12, 2023 by ATTORNEY

SmileDirectClub Shuts Down, Months After Filing for Bankruptcy

SmileDirectClub, a telehealth company that sold teeth-straightening devices through the mail and faced criticism from medical groups, said on Friday that it had shut down.

The company, founded in 2014, sold teeth aligners online and in its shops for $1,850. It marketed them as a faster, cheaper alternative to braces. SmileDirectClub’s initial public offering in 2019 valued it at $8.9 billion.

SmileDirectClub served more than two million customers over nearly a decade. But the company was not profitable and filed for Chapter 11 bankruptcy in September with nearly $900 million of debt, court filings and financial statements show. And this year, it settled a lawsuit from the District of Columbia attorney general’s office that had accused the company of using confidentiality clauses to stifle consumer criticism.

On Friday, SmileDirectClub smiledirectclub.com/” title=””said on its website that it was shutting down its global operations immediately. It apologized to customers for the inconvenience, and urged them to consult a doctor or dentist about future treatment.

Outstanding orders have been canceled, the company said. Customers on a monthly installment payment plan are expected to continue making all of their payments. Those who have completed treatment will no longer qualify for

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December 11, 2023 by ATTORNEY

Can I defer Chapter 13 bankruptcy payments?

Can I defer Chapter 13 bankruptcy payments?

Key takeaways

  • Some Chapter 13 bankruptcy payments may be changed or suspended depending on the details of your case.

  • You may be able to consolidate payments or adjust the amount you pay in order to make your Chapter 13 payments more affordable. Deferment is another option.

  • Other options include asking for a hardship discharge, changing to Chapter 7 bankruptcy or dismissing and refiling your case.

  • Consult a bankruptcy attorney or trustee to find out if you are eligible to modify or suspend your payments.

If you find yourself in a situation where you’re unable to keep up with Chapter 13 bankruptcy payments, it may be possible to have the payments deferred or even have the repayment plan modified.

Deferrals are a temporary solution for those experiencing unexpected or sudden financial challenges. Typically, payments can be put off for a month or two. After that, you may need to consider requesting a modification to your repayment plan or switching to Chapter 7 bankruptcy. Here’s how to decide if deferring Chapter 13 payments is right for you.

What if I can’t make the payments on my Chapter 13 plan?

One of the most common questions people in debt ask

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December 8, 2023 by ATTORNEY
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