Less than 30% POC on 100% plan

[naper]

I'm wondering when I can start celebrating, or is it just PACER is not up to date.

My confirmation hearing was Friday and I haven't heard from my lawyer yet.

For my 3 biggest creditors, I don't see a POC in PACER and the deadline was 5/26. Would I see them in there already if they were filed?

Since I'm in a 100% plan, if I don't have payments modified I would be paid up in about 18 months. Does this make sense?

My debt was around $90K and I see less than $30K claimed. The creditors were large banks and a crowdfunding lender.

[LadyInTheRed]

Proofs of claim should show up on PACER as soon as they are filed. If only $30K in claims are filed and you make plan payments totaling $30K (plus your attorney fees and trustee fees) in 18 months, then your plan will be be complete.

[naper]

Thanks. Found out today my confirmation hearing was continued for some reason. Lawyer is trying to find out why, I think he sent someone else to court. Now I'm really worried instead of celebrating.

[LadyInTheRed]

Try not to worry too much. Whatever caused it to be continued can be addressed. And, the continuance doesn't extend the deadline to file a POC. If you started out thinking you would pay 100% of $90k and now you will only have to pay $30k, it is hard to imagine anything going so wrong that you can't handle it.

[spidge]

Fingers crossed for you.

[naper]

Just noticed a new POC show up in Pacer for a parking ticket of all things, so I have a feeling the trustee may be poking the creditors. I have also seen a few mentions on this site of the judge continuing to give creditors more time. In what situation can they legally do this? I thought 90 days was the law. Still haven't heard from lawyer yet on reason for continuance.

[despritfreya]

The parking ticket is owed to a governmental unit. Governmental units have additional time in which to file claims. Pull your 341 notice. It will have a second claims bar date - specifically for governmental units.

Des.

[naper]

Yes, you are right. Odd that they backdated the letter to the 26th, the first bar date then if they had extra time.

[despritfreya]

Odd that they backdated the letter to the 26th, the first bar date then if they had extra time.

Can't be sure in your case, but it is always possible that the document was drafted around the 26th and then sat on someone's desk until it was filed.

Des.

[naper]

Update. My case was confirmed Friday and showed up in PACER today. The reason it was continued was a mortgage arrears I didn't know I had. Must have been the escrow shortage that I increased my payment to cover.

So, I feel like I just won the lottery, my 3 biggest creditors, Chase, BofA and Prosper didn't file a POC. My Chase and BofA cards were both current when I filed, perhaps that threw them off, I'm sure if a collection agency was involved it would have been a different story. Based on my calculations I will be done in about a year, 18 payments on a 60 month plan. Talk about getting a second chance, with my daughter starting college, someone was looking down on our family. Thanks to everyone that responded.

[LadyInTheRed]

That's great news, naper. Congratulations!

[naper]

An update. I got a decent bonus this year and was able to pay off my balance this month, now I just have to wait for the discharge! I don't know how often this many creditors don't file a POC, especially 3 big names like I had, but it saved me. My $90K+ debt with $30K POC is now gone after only 14 months. I'm on cloud nine! If anyone wonders why someone would file a 100% plan, this is one possible, very positive outcome.

[tissa]

Wow congratulations!!! I thought I was lucky but not as lucky as you. One of my biggest creditors, Chase hasn't filed and I got a statement from my lawyer that shows only about 54k out of 75k filed so I estimate I could finish my 5 year plan in 3.5yrs or so. But you finished yours in just over a year that's impressive!!

[sophieanne]

Congratulations Naper...what a great ending to the month!!! I'm in a 100% plan too and Chase didn't file $20,000...I'm going to pay of early too and be done is just over 4 years.
Celebrate your freeedom!