plan chapter 13 bankruptcy, will end?

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I would like to end my chapter 13 plan after it it for 3 years. They want to extend to 60 months (2 years). I want to talk to my mortgage company a loan modification on my behind in my role as a loan. I want to deal directly with my bank and lay my Chapter 13 plan all along. Can someone tell me is it not a good idea right? My lawyer advises me not to do it, but it is still on the plane paid for it. Help me before I make a decision.

1 Comment
  1. Reply
    rpg
    May 18, 2011 at 11:39 am

    You are entitled to do this if you want, but that does not mean it is a good idea.

    You will lose ALL bankruptcy protections you’ve had for the past three years. Any debts that have not already been paid in full will be in default the moment your bankruptcy is dismissed. Creditors who were calling you (and those who weren’t…) prior to filing your bankruptcy will be entitled to call you, harass you, and sue you – the moment your bankruptcy is dismissed.

    Your bankruptcy attorney is NOT making any more money by having your bankruptcy extended. The bankruptcy attorney’s fee is usually paid out of the first 3-5 months worth of plan payments and after that the attorney receives no additional payments unless a new fee agreement is entered into for additional legal work.

    If you aren’t certain whether your attorney is giving you good advice, get a 2nd legal opinion from another bankruptcy attorney in your local area — in person … NOT from anonymous total strangers on the Internet!

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