If I miss 2 payments in a row on my Chapter 13 repayments, will they dismiss it or put me on strict compliance?
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If I miss 2 payments in a row on my Chapter 13 repayments, will they dismiss it or put me on strict compliance?
Asked on April 21, 2012 under Bankruptcy Law, Arkansas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Good question. The answer to your question really depends upon the bankruptcy judge and the trustee's recommendations. Most likely if you miss your monthly installments under your Chapter 13 reorganization, it will be up to the creditor to inform the court and trustee of the problem via a motion if you do not on your own catch up on the deficiency.
If you do, no problem. If not, and a motion is filed, potentially the court will give you a "grace period" to cure the default and set the matter for review several months down the line with the caveat that if you fail to cure the deficiency, your Chapter 13 bankruptcy filing will be dismissed.
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