Will my 60 Month repayment plan actually end in 51 Months ???

[Vicmustaine]

I'm been in 100% repayment Chapter 13 for 44 Months...according to my remaining balances minus the trustee percentage of my payments and the actual amount applied to my debts of my monthly payments on NDC.org ....it looks as if I should be done by the end of this year which would be around 51 months.

My Plan is for 60 months however...My question is in short

Was my 60 month plan put in place because the shorter 36 month plan wasnt financially feasible... and being such i was put into a 60 month plan but wont necessarily take the entire 60 months to repay either ??? And thus actually only take 51 months or am i missing something

[Vicmustaine]

I'm been in 100% repayment Chapter 13 for 44 Months...according to my remaining balances minus the trustee percentage of my payments and the actual amount applied to my debts of my monthly payments on NDC.org ....it looks as if I should be done by the end of this year which would be around 51 months.

My Plan is for 60 months however...My question is in short

Was my 60 month plan put in place because the shorter 36 month plan wasnt financially feasible... and being such i was put into a 60 month plan but wouldnt take the entire 60 months to repay either ??? And thus actually only take 51 months

[justbroke]

Were you under-the-median income when you filed? If so, then you were entitled to submit a plan that is a minimum of 36 months. If you were over-the-median income, you would submit a plan that is 60-months (no more, no less). The exception comes with 100% plans. If you pay 100% of the allowed unsecured claims earlier, then you would complete the plan sooner.

If you were going to be in a 36-month plan, the attorney can propose a longer plan (up to 60-months) in order to spread out payments. There are many reasons that a 60-month 100% plan ends earlier. Surrendered tax refunds can put a dent into the plan base or one or more unsecured creditors could have not filed a claim, reducing your total to pay.

[justbroke]

I merged these threads together. They asked the same question.

[Vicmustaine]

I merged these threads together. They asked the same question.

Thanks i posted it before i saw a CH13 specific forum

I've asked my lawyers office this question and got a call back from the secretary who nice as she was didnt understand my question i believe.. My original attorney became a county judge so now i have a different person repping me....and my original trustee retired last year... so im actually the only original member of the band left lol but it breaks down like this


Total claim Amounts left : 8,782

Bi weekly pymt : 570

Trustee % = $42.75

Which leaves 527.25 each paycheck left to go to claims


8,782 ~ 527.25 = 17 more bi weekly payments left till fully paid which is the Friday right after Christmas ... does this make sense or common in 100% repayment plan

[justbroke]

I would say that most 100% plans are done earlier than expected. This is usually because a.) not all unsecured creditors filed a claim, and/or b.) the surrender of tax refunds reduced the plan base.

[Vicmustaine]

Trustee has never taken a cent of my tax return the only thing i can see on NDC that might make this happen is the scheduled amount on one of my claims was 60K at filing but the claim amount by the creditor was like 33K when it was confirmed by the courts ... Just ready to start living again and dont what to get my hopes up if this isnt the case

[Vicmustaine]

I would say that most 100% plans are done earlier than expected. This is usually because a.) not all unsecured creditors filed a claim, and/or b.) the surrender of tax refunds reduced the plan base.

[justbroke]

Trustee has never taken a cent of my tax return the only thing i can see on NDC that might make this happen is the scheduled amount on one of my claims was 60K at filing but the claim amount by the creditor was like 33K when it was confirmed by the courts ... Just ready to start living again and dont what to get my hopes up if this isnt the case

Yes. If a creditor didn't file a claim, or filed a smaller claim than you scheduled, then you will likely finish early.