I'm confused on what my payback ammount is

[James H]

When I go to the 13 data center and look up my info in the account ledger it has me at 100% payback for unsecured and says $14,240.00 plan base.

And then when I check the claim summary it says I have $19,984.16 in secured claim amounts.

And if it matters, I pay $240 a month for 60 months and I have to pay my lawyer $1000 that was added to the plan


Am I missing something?

[MajorMike]

wow I'd kill for only $240/mo!

[lrprn]

When I go to the 13 data center and look up my info in the account ledger it has me at 100% payback for unsecured and says $14,240.00 plan base. And then when I check the claim summary it says I have $19,984.16 in secured claim amounts.

Has your case plan been officially confirmed by the court yet?

[CATCHMEIFYOUCAN]

I had close to that plan! $250mo for 60 months. The creditors were basically getting .13cents a month! But the Trustee got greedy and wanted $800. Screw that I was able to convert my case to Ch7 and even got about $600 something back from the Trustee, of course he had to keep some pocket change for admin fees.

Hope your plan is confirmed! Catchmeifyoucan!

[James H]

Yes my plan was confirmed in the middle of October. And my unsecured debt amount was a little under $50,000 but now it's only $19,000 after all the claims were filed.

[lrprn]

Yes my plan was confirmed in the middle of October. And my unsecured debt amount was a little under $50,000 but now it's only $19,000 after all the claims were filed.

During the 18 months of our case, I've noticed at various times that our numbers at 13 Data Center look a little skewed like you describe. They don't treat our case "account" like a bank does. Money is moving out monthly as the trustee disperses whatever he/she is going to that month - the accounting isn't always exact.

It's great that so few of your creditors filed claims! Does your lawyer think you'll be done with your plan before 5 years are up?

[James H]

It's great that so few of your creditors filed claims! Does your lawyer think you'll be done with your plan before 5 years are up?

This was never brought up. Is it even possible? Fortunately I had a pretty good lawyer and with only a $240 a month payment I'm able to save a pretty decent amount of money while still paying all my bills. I'd love to get out of this thing early but I wasn't even sure if it was an option. Since it says I'm in 100% payback Does that mean I can start paying more each month to get out early?

[lrprn]

This was never brought up. Is it even possible?

Once you are confirmed, you make the payment for five years *OR* until you pay off all the creditors 100%.

I'd love to get out of this thing early but I wasn't even sure if it was an option. Since it says I'm in 100% payback

Before Oct 2005, after three years of on-time Ch 13 payments in a five year plan, the law allowed you to buy out of your plan early by paying off your creditors at 100%. Most people second mortgaged their houses to generate enough cash to do it.

However when the current bk law went into effect in Oct 2005, this law doesn't include any provisions for early Ch 13 payoffs. Each district will decide what they think is reasonable.

Since it's just been a little over two years since the current bk law went into effect, the first cases who filed after this law went into effect could buy out early will be able to do so in October 2008.

Does that mean I can start paying more each month to get out early?

In your case with a 100% payoff, that may be a possibility. DO NOT talk to your trustee about it - discuss it with your lawyer first. My guess is that he's going to say leave well enough alone, especially since you are doing ok with a good plan.

[shadowb]

Some of you seem to have low payments. What are the payments based on? We are newbies to this forum. We had no choice but to file Chapter 13 thanks to the IRS. We haven't found out yet what our payments will be yet. The attorneys are still working on this. We will be officially filing tomorrow (New Year's Eve).