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Germeraad v. Powers – A Plan May Be Modified Based on a Debtor’s Improved Financial Circumstances
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By Kenneth Siomos, Staff Attorney to Chapter 13 Trustee John H. Germeraad (Springfield, IL)
If a Chapter 13 Trustee, in examining post-confirmation income tax returns “discovers that the [Debtors’] incomes have increased, he may (and indeed should) move to alter their plan pursuant to” § 1329 of the Bankruptcy Code. Petro v. Mishler, 276 F.3d 735 (7th Cir. 2002). In Germeraad v. Powers,i the Seventh Circuit affirmed what was previously dicta and determined that a Debtors’ increase in income can be the basis for plan modification to increase . . .
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