You would need to go back to the BK court and ask for a modification of chpt. 13 payments.
Writing a letter to a commissioner asking for reduced fees can be simple. Though they may not gift these requests you should be honest about your financial situation and they may work a payment plan.
There is no real "punishment"for not meeting the obligations of chapter 13 (which are usually pretty strict repayment plans). The negative side effect is that filing for bankruptcy will be on your credit report and your payment obligations will be due in full (rather than the reduced payment plans established by chapter 13) which can be very difficult.
You must complete an application with the court in order to have a wage garnishment reduced if it causes undue hardship. A wage garnishment can not take more than 25 percent of a person's income.
What is a Hardship? Reduced Income or Unemployment. Inability to work due to health reasons. Separation or Divorce. Medical Bills. Business Failure. Death of a Spouse. Adjustment in mortgage payment or unforeseen increase in your monthly expenses. Any other circumstance that cripples your ability to repay your mortgage. Additional info added by hardshipletters: One thing many people don't realize is that if they've had to care for an ill relative (like your parents, children or spouse) that can be counted as hardship, as well. This often results in inability to work full-time and also in extra expenses.
no,you can't make hay or even graze land that is in the soil bank unless there's a hardship or natural disaster,such as severe drought,etc. then the payment will be reduced accordingly. Then you must have permission.
They reduced financial risk for individual investors
NO can not be changed even during financial emergency... reference:Afroz alam
They reduced financial risk for individual investors
First of all, if the student loans are Federally funded, they cannot be discharged in BK. A hardship discharge is granted only when the loan holder has become disabled. The disablity has to be severe enough, there is no possibility of the debtor ever having earnings or assets to repay the loans. Any other hardship defense, has to prove, the debtor will not be able to afford the "necessities of life." Those being the obvious, food, shelter, medical care, support of dependents, etc. Sorry, it occurred to me you must be referring to a Chapter 13 rather than 7. Nevertheless, the premise is the same. To have payments reduced the debtor has to prove the amount would indeed make it impossible for he/she to provide for everyday necessities.
Yes it will or the number of payments will get reduced. Its always a good idea to pay of the principal payment as quickly as you can
Bankrupt
Reduced payment plan