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

Bankruptcy Attorney Daniel Straffi Announces Service Area Expansion in Brick Township

Brick Township, New Jersey is set to see an expansion of service from renowned bankruptcy attorney Daniel Straffi of Straffi & Straffi Attorneys at Law. This expansion comes as a part of Straffi’s ongoing commitment to assist the community in navigating complex legal matters.

Nestled in the heart of Ocean County, Brick Township, New Jersey, is known for its rich history, unique geography, and myriad of attractions. It is a thriving community that boasts a diverse range of recreational amenities and cultural sites. Among them is the serene Brick Reservoir, a tranquil retreat for nature lovers and an important resource for the community’s water supply.

“In light of recent economic circumstances, it’s become clear that the firm’s services are needed in more areas of Brick Township, New Jersey,” said Daniel Straffi. The attorney did not offer further details about the planned expansion, yet emphasized the team’s commitment to serving the community.

Brick Township is a vibrant locale with an array of attractions that cater to a wide range of interests. Among them is Windward Beach Park, a riverside haven that hosts the popular SummerFest series and offers a sandy beach area, playgrounds, and picnic spots. It’s a beloved location for

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December 5, 2023 by ATTORNEY

Judge rejects PREPA bondholders’ arguments

The judge in the Puerto Rico Electric Power Authority bankruptcy rejected five bondholder arguments Tuesday, bringing approval of the Oversight Board’s plan of adjustment closer.

U.S. District Judge Laura Taylor Swain granted the Oversight Board’s motion to dismiss the bond parties’ — bond trustee U.S. Bank N.A., Assured Guaranty, Syncora Guarantee and the now defunct Ad Hoc Group of PREPA Bondholders — five remaining counterclaims from a 2019 adversary proceeding. Some of the Ad Hoc group’s members — like GoldenTree Asset Management — are actively working against the board’s proposed plan of adjustment.

One attorney not involved in the case was not surprised by the ruling, noting Swain consistently rules against bondholders.

Laura Taylor Swain, U.S. District Judge

U.S. District Judge Laura Taylor Swain’s latest ruling removed further hurdles to her approval of the proposed PREPA plan of adjustment.

The timing of the ruling is “interesting,” said Puerto Rico Clearinghouse Principal Cate Long, coming “just days before the First Circuit [Court of Appeals] hears oral argument on GoldenTree’s lift stay” motion.

The bond parties claimed PREPA was in breach of its obligations to increase rates so that its revenues were sufficient to pay bondholders. Swain said the authority is not required to raise rates to pay

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December 3, 2023 by ATTORNEY

BG Law Hires Poitras as Partner in Commercial Bankruptcy, Insolvency and Real Estate Practices

Corporate and insolvency lawyer David Poitras joined BG Law as a partner in its commercial bankruptcy and insolvency and real estate practices.

Poitras is a corporate, bankruptcy and real estate attorney with more than 30 years of experience at private practice law firms and as in-house general counsel. Poitras joined BG Law from Wedgewood, a network of companies specializing in real estate and real estate loans, where he served as general counsel and corporate secretary. In this role, he managed contract negotiations, transactional and financing documents, and advised on a range of corporate issues, such as compliance, human resources, regulatory matters and corporate governance. Poitras also supervised a litigation portfolio of approximately 75 cases, leading a team of 10 attorneys and paralegals across two offices in Los Angeles and Las Vegas, covering a more than 20-state footprint.

Prior to his tenure with Wedgewood, Poitras was a partner at Jeffer Mangels Butler & Mitchell, where he was a member of the firm’s national financial restructuring, bankruptcy, real estate and litigation practices. He began his legal career as a bankruptcy associate and then partner with Danning, Gill, Diamond & Kollitz (now known as Danning, Gill, Israel and Krasnoff) in Los Angeles.

In

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December 2, 2023 by ATTORNEY

5 ‘must-haves’ to finding a bankruptcy lawyer

Key takeaways

  • When seeking a lawyer to guide you through the bankruptcy process, it is crucial to choose a specialist in bankruptcy law.

  • Opt for a bankruptcy attorney with local expertise, well-versed in both bankruptcy laws and the specific procedures of the local court where your case will be filed.

  • Choose a bankruptcy attorney who provides personalized service, listens to your specific case details and makes you feel comfortable.

  • Avoid ‘bankruptcy mills’ and non-attorney petition preparers and prioritize a lawyer who understands your situation.

If you are considering filing for bankruptcy, your best bet for a successful outcome is to choose a good bankruptcy lawyer. Although it is possible to file for bankruptcy on your own without hiring an attorney, it is not advisable to do so. Obtaining the help of a specialist who is experienced and can offer expertise in both federal and local law is essential, as they will be able to provide you with personalized service for your case and provide the comfort and familiarity needed to get through this challenging process.

1. Look for a specialist

Lawyers practice in multiple areas and your best bet would be to go with someone who specializes in bankruptcy

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December 1, 2023 by ATTORNEY
December 2023
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