What Happens If You Miss A Chapter 13 Bankruptcy Payment?
What happens if you miss a Chapter 13 bankruptcy payment?
There are many things that can happen if you miss a Chapter 13 bankruptcy payment. The first thing to understand is that your payments will be considered late, and you'll incur late fees. The second thing is that you'll need to catch up on your payments in full by paying the missed amount in addition to the late fees. This may be difficult depending on how far behind you get and how much time passes before you catch up. Finally, if a creditor chooses to file a motion asking the court for permission to modify your repayment plan, you could end up being forced to pay more than what you had initially agreed upon with your Chapter 13 trustee.
If you miss a monthly payment, it could be the start of a snowball effect. You might think that missing a single payment won't lead to any long-term consequences, but think again. Missing a Chapter 13 bankruptcy payment could cost you a lot more than your missed payment.
If you have any questions or need a Chapter 13 Bankruptcy Lawyer, please call this law firm for a free consultation.
Ascent Law LLC
8833 S Redwood Road Suite C
West Jordan UT 84088
(801) 676-5506
