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Chapter 13 Bankruptcy FAQ's
Q. What happens if I miss a payment?
A. Generally, the bankruptcy trustee will move to dismiss your case. In case of emergency, inform your bankruptcy attorney at once. It may be possible to recalculate the plan. Those who have paid over three years on their bankruptcy may qualify for an emergency discharge.
Q. What happens if I lose my job or my income decreases?
A. Contact your bankruptcy attorney. It may be possible to recalculate your Chapter 13 bankruptcy plan payments. In addition, if your income has fallen far enough, it may be possible to convert to a Chapter 7 bankruptcy.
Q. What paperwork is required for a Chapter 13 bankruptcy?
A. In addition to your paystubs, which are also required under a Chapter 7 bankruptcy, you need the last four years of tax returns or transcripts. You must be able to document your expenses if you are not claiming the standard IRS deductions.