Yes, you can modify your Chapter 12 Plan if your financial situation changes. Just remember, any changes must be approved by the court.
If your Chapter 12 Plan gets confirmed, you’ll start making payments as outlined in the plan, and your debts will be managed under the supervision of the court.
The confirmation process can vary, but it usually takes a couple of months. It can feel like forever, but patience is key!
Typically, family farmers and fishermen with regular income can file for a Chapter 12 Plan. It's mainly for those making a living from agriculture or fishing.
A Chapter 12 Plan is a kind of bankruptcy plan designed to help family farmers and fishermen manage their debts. It allows them to create a payment plan based on their income and expenses.