Q: I have a business that is failing what happens to me if I can no longer afford payments
A:
Your question isn't entirely clear, but I think you're asking what will happen if you're in Chapter 13 bankruptcy and unable to keep up the payments because your income has declined as your business is failing.
If that is what you're asking, you may have a couple of options available.In some cases, a Chapter 13 case may be converted to a Chapter 7 case. In others, plan payments may be modified based on the new, lower income. For the best option, you should consult the attorney who handled your bankruptcy case or, if you filed on your own, consult a bankruptcy attorney in your jurisdiction.
*Kevin Chern is an Illinois licensed attorney who has practiced in federal consumer bankruptcy law and consumer protection law for the last 21 years. He is the Managing Partner of UpRight Law. Kevin's law partners are licensed in all 50 states and work in conjunction with Mr. Chern to provide bankruptcy and consumer legal services in all 50 states. Mr. Chern's answers to the questions are intended for informational purposes only and are not intended to be legal advice. Use of the answers does not establish any attorney-client relationship. For legal advice, you should consult with an attorney licensed to practice law in your state and with appropriate expertise.
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