Chapter 13 - 100% Payback Question

[inajam37]

I have a question or two. We filed Chapter 13 in December 2007. We filed on both of our vehicles (which we are keeping) and the other was unsecured debt from credit cards. When I checked out Pacer it shows on our notice that the proof of claim date was May 12, 2008. So, if I understand correctly the creditors can't file for payment after that date. Is that wrong or right?

Secondly, I received a 6 month notice from our trustee yesterday that shows the payments that we've made and how they have been disbursed. The only 2 creditors that have filed according to this notice are the two auto lenders and the trustee. My attorney has been paid in full. So, my question is for 100% payback is that paying back the amount of everything that you originally filed on or is that the amount that lenders filed proof of claim on and I'm currently paying from my monthly payments? Also, what is the shortest length of time for a Chapter 13 at 100% payback? I figured based on the payments that we've made divided what the amounts are that we are paying on...to pay that amount back at 100% we would have it paid off within 34 months instead of 60. If I'm figuring it on the amount the lenders claimed instead of what we originally filed on. By the way, we're in Indiana if anyone needs to know that.

Thanks a million!!

[rrockinggramma]

lucky you. None of your unsecured creditors filed claims and if the bar date has passed, they are out of luck. So yes, when your cars are paid off 100 percent, you should be discharged.

[inajam37]

What is the bar date? I just checked on Pacer and it states that all proofs of claim had to be received no later than 5/13/08. Does that mean they can't file after that date?

I was in shock when I got that report. Do you know anything about the 100% payback? When we pay the cars back at 100%, does that mean we will be done? With our payment, that should be in less than 2 1/2 years. Or do we have to pay everything back at 100% whether they filed a claim or not?

[rrockinggramma]

no claim filed by your bar date 5/13/08 they do not get paid. So yes you will be done in 2 1/2 years, when you have paid your cars etc which are secured and have to be paid at 100 percent anyway. Your other creditors will be discharged when you are done.

[inajam37]

I thought that a Chapter 13 had to be paid over a minimum of 3 years. Can it be done after just 2 1/2 years? My husband gives a portion of his quarterly bonuses - would they ever revise the plan to remove that and just accept our monthly payments since that amount will more than pay what we owe?

[arkienurse]

hey congrats. Sounds like you are one of the lucky ones where the cc didn't bother to file a claim. Some of ours didn't file, but alas most of them did. My understanding is that if you are 100% payback, you can finish before the 36 month mark.

[EveryDayAdam]

I thought that a Chapter 13 had to be paid over a minimum of 3 years. Can it be done after just 2 1/2 years? My husband gives a portion of his quarterly bonuses - would they ever revise the plan to remove that and just accept our monthly payments since that amount will more than pay what we owe?

once everyone who has filed valid claims in a 100% payback case is paid, then the case is done and you receive your discharge. They can't collect more money than is to be paid...

...So as long as you followed all the rules, you'll get your discharge, even if it's just a one month case.

[parsoc48]

Inajam.....Lucky you! Only about 4 of our 23 or so creditors have not filed yet, one is Chase for $10000 (who went to the trouble of suing me, but I'm sure they'll put in a claim at the last minute)....and one is my AAD nephew for same amount...I all but signed the claim form for him, gave him SASE too!! There's really no ryhyme or reason why creditors do or don't file claims. Enjoy your short 13!

[NowImDownInIt]

OOooooh I hope this is how it works for me. One can wish, can't they?

[woeisme]

parsoc48, if you really want your nephew to be paid, you can file the claim for him I believe. I think I've read on here that there is a form the debtor can file to insure that certain creditors get paid, but you'd have to look around on here to find out exactly what it is you need to file. but again, that' s if you want to, don't have to.

[krielly]

Secondly, I received a 6 month notice from our trustee yesterday that shows the payments that we've made and how they have been disbursed. The only 2 creditors that have filed according to this notice are the two auto lenders and the trustee. My attorney has been paid in full. So, my question is for 100% payback is that paying back the amount of everything that you originally filed on or is that the amount that lenders filed proof of claim on and I'm currently paying from my monthly payments? Also, what is the shortest length of time for a Chapter 13 at 100% payback? I figured based on the payments that we've made divided what the amounts are that we are paying on...to pay that amount back at 100% we would have it paid off within 34 months instead of 60. If I'm figuring it on the amount the lenders claimed instead of what we originally filed on. By the way, we're in Indiana if anyone needs to know that.

Thanks a million!!

I have to ask a question here. Are you certain your unsecureds did not file claims? I find it odd that none of them would. The statement you received from your trustee is showing you payments he made to creditors in the past 6 months. It's important to understand the order in which creditors are paid in a Chapter 13. Secured and priority creditors are paid in full first, with unsecureds only being paid afterwards. Our unsecured creditors didn't even begin to get paid until almost 2 years into our plan) Remember that just because no payments have been disbursed to any unsecureds at this point does NOT necessarily mean they didn't file claims............
Sorry to be a downer, but you should look into this. Did you file with an attorney? If so, check with him/her.

K
PS: just read where you stated you had checked pacer on your deadline date. You should be able to check Pacer for claims filed as well, I believe........

[inajam37]

Krielly,

All I know is that when I check on Pacer it showed that Proof of Claims had to be filed by 5/13/08. When I look on the filer section of Pacer, it only shows one of my unsecured as a filer. That amount is for roughly $3500. My sheet from my trustee lists everything that we filed on: attorney, autos, unsecured, and the trustee. It shows that my attorney is paid in full. The remaining payments are to the trustee and the secured creditors for our car loans. All of the unsecured debt listed on this sheet as of 6/30/08 shows debt as "zero" and balance as "not filed". That's what made me wonder if the unsecured creditors ever filed a claim. We only filed on the two cars (which we are keeping) and 5 credit cards. Hope this helps. Please let me know your thoughts. Thanks.

[inajam37]

Ok, everyone...not as lucky as I thought. I didn't realize there is a claims register section until I just got back on Pacer. Seems that all of my unsecured have filed claims. Looks like I'm in it for the 5 years haul!! Yuck!! Thanks for all the thoughts and help. Looks like 4 1/2 more years and I'll be home free. Have a great night!!

[arkienurse]

Ok, everyone...not as lucky as I thought. I didn't realize there is a claims register section until I just got back on Pacer. Seems that all of my unsecured have filed claims. Looks like I'm in it for the 5 years haul!! Yuck!! Thanks for all the thoughts and help. Looks like 4 1/2 more years and I'll be home free. Have a great night!!

Oh bummer dude. Sorry to hear it.

[liz417]

AGGHHH!!! I was already getting my hopes up that none of my creditors (or at least only some) of the creditors wouldn't file!!!!

I'll be in a ch 13 for the long haul (5 years)...