During the liquidation procedure, a situation may arise when a person's income decreases or they lose their job. However, people are required to continue with the court-approved repayment plan. In order to avoid termination of the debt settlement procedure and not to lose the opportunity to get rid of debts, it is necessary to amend the debt settlement plan.

Article 162 of the Insolvency Law provides for the possibility to amend the repayment plan if income decreases or job is lost.

According to the second part of Article 162 of the Insolvency Law, if a person's income decreases, then the person has the right to extend the term of the repayment plan by reducing the amount of payments to creditors.

According to the sixth part of Article 162 of the Insolvency Law, once during the debt settlement procedure, the payments to creditors provided for in the debt settlement plan can be halved for a period of up to one year, if the person has become unable to work or is unable to find a job.

In order to perform the mentioned actions, it is necessary to prepare amendments to the repayment plan. Amendments to the liquidation plan must be sent to all creditors and the administrator. Creditors have the right to express objections to the amendments to the repayment plan within 15 days. After the expiration of the mentioned term, the court must submit an application for approval of the amendments to the repayment plan.

By agreeing with the court on the changes in the repayment plan, the opportunity to get rid of debts will not be lost due to a decrease in income.