If I am in Chapter 13 can I refinance to lower my payment? 9 Answers as of June 03, 2015

My car is exclude in the plan.

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A Fresh Start
A Fresh Start | Dorothy G Bunce
Here is the thing with juggling payments in a chapter 13. If you reduce payments to one creditor, the money that is saved cannot go into your pocket. It will be absorbed by an increase in your Plan payments. So do as you wish, but don't expect to be dining out more or taking a vacation, because you will not be saving yourself any money.
Answer Applies to: Nevada
Replied: 6/3/2015
Ronald K. Nims LLC | Ronald K. Nims
You'll need the trustee's approval, but you can refinance.
Answer Applies to: Ohio
Replied: 6/3/2015
The Law Office of Darren Aronow, PC
The Law Office of Darren Aronow, PC | Darren Aronow
Sure, you may need judge/trustee permission though.
Answer Applies to: New York
Replied: 6/3/2015
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
It is possible to modify the plan, but you need a change of circumstances. I suggest you have a local lawyer advise you on this. Knowing the judge is just as important as knowing the law.
Answer Applies to: California
Replied: 6/3/2015
Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
What is it that you are hoping to refinance? You really should contact your chapter 13 lawyer before taking any financial actions that could affect your chapter 13 plan.
Answer Applies to: Colorado
Replied: 6/3/2015
    Tokarska Law Center
    Tokarska Law Center | Kathryn U. Tokarska
    Usually as I assume this is true for all jurisdictions, you have to get court's permission to incur new debt or modify a loan. These orders are generally granted by the court, although you do have to serve notice on the Trustee and they have opportunity to object or if the refinancing will produce significant disposable income motion the court to modify the c13 plan to increase payments to pick up the new disposable income. If the Trustee files motion to modify you can file an opposition if you can justify based on decrease in income and/or increase in reasonable and necessary living expenses.
    Answer Applies to: California
    Replied: 6/3/2015
    GARCIA & GONZALES, P.C.
    GARCIA & GONZALES, P.C. | Richard N. Gonzales
    Pay an experienced BK lawyer to review your Chapter 13 Plan, and answer your questions. It is too complicated to answer with a simple "yes" or "no".
    Answer Applies to: Colorado
    Replied: 6/3/2015
    Stephens Gourley & Bywater | David A. Stephens
    Yes, but it may have to be approved by the court.
    Answer Applies to: Nevada
    Replied: 6/3/2015
    Richard B. Jacobson & Associates, LLC | Richard B. Jacobson
    I don't know what you mean by writing that your car is 'exclude' in the plan. With the Trustee's approval you can refinance any secured debt whose creditor is willing to do so. But the Trustee may insist that the money you save go into the Plan for your unsecured creditors. (You might get around this by submitting updated Schedules I and J if they show that you cannot afford to pay more into the Plan, but you must be certain your papers are as accurate and complete as possible.) Best of all, hire a skilled lawyer. They're almost always worth it.
    Answer Applies to: Wisconsin
    Replied: 6/3/2015
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