Questions regarding chapter 13 100% plan

[catanon]

I recently filed for chapter 13 and my attorney told me I should be on a 100% plan. I'm interested in knowing, what if your creditors don't make a claim? I know I will keep paying my plan 100% but if some creditors don't make a claim does this mean I could possibly end my payment plan early?

Has anyone had this happen to them? Would love to hear stories and feedback.

[Reeda]

I just finished a 100 percent plan and even though some of my creditors didn’t file claims, that extra money just went to other creditors. I still had to be in it for 5 long years.

[justbroke]

Welcome to BKForum.

In a 100% plan, you pay 100% of the allowed unsecured claims (plus your other secured debt, Trustee commission, and attorney fees if they are in plan). If an unsecured creditor doesn't file a claim, then they don't get paid. I had about $40,000 where the creditor(s) didn't file a claim. If I was in a 100% plan, then I would have paid $40,000 less.

[notreallyme]

About 25% of my unsecured creditors didn't submit a claim. This was about 20% of my total debt. My plan payments were not changed from what was in my petition and confirmed in my confirmation hearing. So, online at NDC still has same base payment amount. I am expecting to end about a year early since my payments were based on our original petition submission which had 100% of our debt and it is a 100% plan.
Notes: Filed 5/17/2023. 341 hearing 6/22/2023 (a few basic yes / no questions). First garnishment 5/27/2022 recorded 6/1/2022. First trustee disbursement 6/30/2022. Plan confirmed 8/24/2022

[womanonfire]

I recently filed for chapter 13 and my attorney told me I should be on a 100% plan. I'm interested in knowing, what if your creditors don't make a claim? I know I will keep paying my plan 100% but if some creditors don't make a claim does this mean I could possibly end my payment plan early?

Has anyone had this happen to them? Would love to hear stories and feedback.

Yes you could end early or modify the plan and reduce your payment. I would see if you could do that and put some money away for a rainy day.

I was in a 100% plan and starting payment was $1920 per month. I eliminated approximately 35k in debt because creditors did not file. Then I modified my mortgage and once that was done, modified my plan myself (got rid of my attorney) my new payment is only $743. I am able to put money in savings every month.

100% plans have advantages and the trustee bothers you less because you are already paying 100%, they will monitor you less because they can't get more than that.

[womanonfire]

I just finished a 100 percent plan and even though some of my creditors didn’t file claims, that extra money just went to other creditors. I still had to be in it for 5 long years.

This doesn't make sense to me. In a 100% plan, you are paying all creditors 100% of what you owe them so how did the court get you to pay more than 100% to the creditors that did file? Interest?

[Carmella]

Reeda were you in less than 100% plan, but since all creditors did not file you ended up paying 100% to those who did file claims?

catanon My chapter 13 not all creditors filed, but we paid the amount in the original BK terms. Our BK 13 ended/was discharged in just over 4 yrs instead of 5 years. The BK 13 was discharged at the time when all the creditors, who filed claims, were paid in full.

[Star68]

I am also in a 100% plan and had asked the same question, I was told the same thing, you could finish early.

[ambular0809]

I filed with about 114k in debt. Now most of it were old collections and newer collections that just kept hitting and no way was I ever going to catch up and pay them (stupid timeshare that I had with my ex, he was paying the mortgage but not the resort fees and it was 1000.00 every few months hitting collections) I filed to get rid of the timeshare.
Anyways, after I submitted all my debts and income my 100 percent repayment plan came out to 1910.00 for 5 years. But after claims were made, my debt owed only came out to 55k. I was told by my attorney that a lot collection agencies won't make claims because they will only get pennies on the dollars. But I decided to just keep making the same payment amounts and I'll be done in 2.5 years instead of 5. I only have a year left. I work lots of overtime, I do a zero based cash budget and I have been able to thrive and save off of my income. My credit score is better now that it was before I filed.