BK 13 plans

[sports1965]

Can you go from a 5 year plan to a 3 year plan?

Thanks

[CreditBob]

You would either need to look at your chapter 13 packet or talk to your attorney. The payment plan will state if you need to go through five years or a minimum of three years. If you are able to do the three year plan the trustee may want to know were you got the extra money from. If so and if you can account for it then go for it. For example you took on an extra side job or won the lottery, or cashed out on a 401K retirement account or something similar to that. This will give you an idea.

I have been in my plan for four and a half years. I just barely started to make extra payments so that I can get it discharged in May or June instead of July of this year. And because it is so close to the five year mark it will not set off any red flags. 

The bottom line is always check with your attorney who knows how the trustee may respond. My own legal council tells me that each bankruptcy is different. Just be thorough, do your homework, & check before you do anything.

[ghostVetFL]

It will depend on if you passed the means test or not. Usually if you fail the means test, they require you to be in 100% plan (repaying all or most of your debt) and you have to do the maximum amount of time (5 years). The law basically calls this abuse of bankruptcy. 

If you pass the means test, then you get to pick how many years you stay in bankruptcy. With the minimum being 36 months and the max 60 months. This also usually means that you aren't paying 100% of your debt back. (Usually) 

Your lawyer will be able to tell you if you passed or fail and of you are eligible to change.

Example... I moved from 48 months to 36 months. (Before my plan was confirmed) Doing this also caused my payment to increase because I had to payoff all my secured debt in a shorter time period.