We hear many questions on Georgia Chapter 13 bankruptcy, especially what happens if you miss a payment. Here are some answers.

If You Miss a Payment
If you miss a Chapter 13 payment, you still have options. If you take no action, the court will dismiss your case. But, you can modify the payment plan so you can better afford it, or apply to have payments suspended for several months. A Georgia bankruptcy lawyer can be invaluable in this part of the process. If you don’t have an experienced lawyer, hire one immediately. This can save your repayment plan from being dismissed.

Can you cancel a Chapter 13 plan?
Chapter 13 is voluntary – you can quit any time you want. You just won’t have all your unpaid debts discharged. If you feel it’s not working for you, it’s relatively simple to cancel the case.

You Lose Nothing
In most cases where you miss a payment, you are not in definite danger of your plan being dismissed and losing all assets. As long as you modify the payment plan or suspend it, you are safe. Courts are designed to help you with creditors, not take all your money and offer no real guidance.

Can you file again?
If your plan is dismissed, you can file again (and not wait years). This occurs if your debts have not been legally discharged. The bankruptcy laws won’t stop you from filing again. If you’re discharged, the regular bankruptcy laws are in effect and you have to wait some time to file again.

Advantages of Georgia Chapter 13 Bankruptcy
If you miss one payment, you won’t be alone in this process. Hopefully you’ve hired an experienced Georgia bankruptcy lawyer who can help you in and out of court. This process takes some time: Chapter 7 takes months, Chapter 13 years. That means you definitely need a professional lawyer to guide you through this process. You can reap the rewards of Chapter 13, saving your home, car, and other assets from creditors, while paying in installments you can afford.