Unsecured creditors filing claims

[Vandervecken]

Good afternoon!

As I move forward towards filing, it looks like my plan will start out with about 35% to unsecured creditors. Most of them are the big banks: Citi, Cap One, Chase, Synchrony, Discover, Wells Fargo. But the balances tend to be about $3k or less. But my attorney mentions "if they even file a claim" leading me to think that at a certain point the big credit companies won't pursue.

Does anybody have any experience on when these guys actually make a claim vs ignore it? Is there a certain balance? Or does it depend upon random luck?

[despritfreya]

Been doing this for years. There is no pattern as to whether or not an institutional creditor will file a claim. Quite frankly, unless you are paying 100% of allowed claims, this is not an issue you need to concern yourself over.

Des.

[Vandervecken]

Been doing this for years. There is no pattern as to whether or not an institutional creditor will file a claim. Quite frankly, unless you are paying 100% of allowed claims, this is not an issue you need to concern yourself over.

Des.

I understand, and thanks! In my case, I'm including student loans in the plan. So every dollar not going to the dischargable debt will be going to the loans!

[despritfreya]

I'm including student loans in the plan. So every dollar not going to the dischargable debt will be going to the loans!

Understood. Didn't think of that, but that would be a reason to care.

Des.

[dmc-2008]

Hi there, i didnt think you could bk student loans. Has something changed?

[despritfreya]

i didnt think you could bk student loans. Has something changed?

OP is not discharging the SLs. SLs are unsecured debt listed on Schedule F just like any other unsecured debt. OP is counting on the SL lenders filing proof of claims and therefore sharing in the pie to be paid to the unsecured creditors. The more that gets paid over the course of the 13 the less OP will have to deal with once OP obtains a discharge. Makes perfect sense to me and I applaud OP (and/or the attny) for recognizing this.

Des.

[Vandervecken]

OP is counting on the SL lenders filing proof of claims and therefore sharing in the pie to be paid to the unsecured creditors. The more that gets paid over the course of the 13 the less OP will have to deal with once OP obtains a discharge. Makes perfect sense to me and I applaud OP (and/or the attny) for recognizing this.

Des.

The loans are federal, managed by Great Lakes. I just hope they file a claim! Murphy's law: they put the loans into deferment, but don't file a claim. Sigh.

And BTW, it was the folks here (Des, LITR and justbroke) who pointed this out to a friend of mine, while I was trying to get my logon to work. He forwarded the info to me! So the applauding goes back to the gurus on this forum!

[despritfreya]

I just hope they file a claim! Murphy's law: they put the loans into deferment, but don't file a claim. Sigh.

Not a problem. You, as the debtor, have up to 30 days after the claims bar date to file a POC on behalf of any creditor. You or your attny mark the calendar and if the lenders do not file a claim, you file one for them. Once filed, try to get the lender to amend the claim to correct the balance owed as your version of the claim will simply be a guess as to the exact amount owed.

Des.