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Confirmed vs. Feasible

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    #1

    Confirmed vs. Feasible

    Hi,

    Is there one last hurdle to pass after you are confirmed, something about your case and payments being feasible?

    I have been checking 13datacenter.com -- October 17 is the deadline for governmental agencies to file their claims, and it looks like all have as of Friday. The non-governmental claims deadline was in August.

    I have an order of confirmation, as of July 19. I have been making payments via payroll deduction. Everything outside of the plan is going ok -- as ok as things can be going in a Ch 13.

    The property tax people were the last ones to file their claim -- I had called my attorney's office to ask why they hadn't filed thier claim, what would happen if they didn't, etc. They said they still had time, and not to worry about it yet. And that after they filed their claim, the trustee would look at my case and see if it's still feasible.....

    So I just wondered if anyone else had any insight on this. Thanks for any help.
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    #2
    I know a Trustee cannot simply accept and Confirm any old plan that placed in front of them.

    Your payment has to be such that you will payback all Secured and Priority debts you claimed in the Ch 13 plus any additional Unsecureds.

    Also, the Trustee has to believe, in good faith, that you have the ability and means to make the Ch 13 plan payments.

    Since this was a Governmental Unit making a claim, that would reduce any portion of your payment plan to Unsecureds. CC's are at the end of the food chain to get paid in a Ch 13 payment plan.

    So by your attny saying "if it's feasible",........... Maybe your proposed plan payment was tight to start with?? If any unexpected Secured or Priority Creditors popped out of the woodwork, or any existing Creditors asked for more funds, the additional claims could push your plan payment beyond your proposed payment and your ability to repay the plan.
    Filed Ch 7 - 09/06
    Discharged - 12/2006
    Officially Declared No Asset - 03/2007
    Closed - 04/2007

    I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.

    Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...

    Comment

      #3
      I wonder how many times a trustee has actually said "Hey, you're not budgeting well here--there's no possible way you can live on that amount."
      *** THIS IS NOT LEGAL ADVICE--ONLY A LAWYER CAN PROVIDE THAT. ***

      My posts represent hours of research on and off the web, these forums, my experience, and my opinions.

      Comment

        #4
        Originally posted by anonymuse View Post
        I wonder how many times a trustee has actually said "Hey, you're not budgeting well here--there's no possible way you can live on that amount."
        Ummmm......never?
        Date Filed: 12/19/2004
        341 Meeting: 2/8/2005
        Date Case Confirmed: 7/12/2005
        Closed on Refinance/Chapter 13 Buyout 8/23/06

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