Confused

[Diogie]

Is there a way to have a BK (13) reviewed to verify amount due to creditors? I believe 2 claims in my 13 were incorrectly calculated (saying I owed almost $5000 total more than I actually did on my house). I've brought this to my attorney's attention, but he says the best thing to do is to ride this out and if they say I'm not paid, deal with it then. However, if these claims had been calculated correctly, I would be paid in full by now. Is there anything I can do to have it checked? It seems as though there wasn't any problem when it was thought I wasn't paying the correct amount and they increased them. Yet I question and ask for an explanation on these two claims and I'm told they (trustee's office) "don't have time to do that" and to just ride it out. I really don't understand...seems like there should be something I can do. Any suggestions, help, etc will be greatly appreciated.

[justbroke]

Is there a way to have a BK (13) reviewed to verify amount due to creditors? I believe 2 claims in my 13 were incorrectly calculated (saying I owed almost $5000 total more than I actually did on my house). I've brought this to my attorney's attention, but he says the best thing to do is to ride this out and if they say I'm not paid, deal with it then. However, if these claims had been calculated correctly, I would be paid in full by now. Is there anything I can do to have it checked? It seems as though there wasn't any problem when it was thought I wasn't paying the correct amount and they increased them. Yet I question and ask for an explanation on these two claims and I'm told they (trustee's office) "don't have time to do that" and to just ride it out. I really don't understand...seems like there should be something I can do. Any suggestions, help, etc will be greatly appreciated.

The time to object to claims is within 60 days of the claims bar date (although there really isn't a date for this). If your Plan is already confirmed, and you have not objected to any claims... then you may be out of luck. I just don't really know.

Are you confirmed?

[Diogie]

Thanks for the reply. Yes and I told my attorney there was something wrong and he said that once I had it pinpointed and could show him we would take care of it. Now that I've finally figured it out (on my own), he's saying to just ride it out. That just doesn't make any sense to me. Why should I have to ride it out when I should be paid in full and finished with the BK? After all, I did what he said. I found where the error was and pointed it out to him. To be honest, had I known then what I know now...I would have just walked away and started over. I would be better off now. It's just hard to believe you can find a mistake and nothing can be done about it.

[justbroke]

Generally, the feeling I get in the Bankruptcy Court is that some (minor) errors are not worth fighting. I read one Opinion where the Judge was grilling the Debtor's Attorney for having filed an objection to a claim over a couple of hundred dollars, when the Plan paid 10% (or something really low).

However, I believe that if we don't challenge these companies that buy Bankruptcy Debt (B-Real, B-Line, eCaste Settlement, Roundup Funding, LVNV) and put them on notice, then they'll continue to file... sometimes bogus claims.

They love to file what we call "informal" proof of claims. That is, they provide very minimal information, just to cross the threshold of a Claim (valid or not) and to beat the Claims Bar Date. Then they'll argue over the substance of the claim after confirmation. This just isn't right, if you ask me.

[Nicollette]

However, I believe that if we don't challenge these companies that buy Bankruptcy Debt (B-Real, B-Line, eCaste Settlement, Roundup Funding, LVNV) and put them on notice, then they'll continue to file... sometimes bogus claims.

It's funny you mention LVNV because I forgot all about them even though I knew they were a JDB. Here's the thing, when my petiton was filed back in May of '07', I listed Resurgent Capital as the creditor. My case was confirmed in August of '07'. Resurgent did file a claim to be paid. In the mist of all of this, I had been told that Resurgent is owned by LVNV or it's a dba for them. Well, earlier this year, around April, or May, I received a letter from the BK court stating that Resurgent sold their claim to Portfolio Recovery, and they would be paid. My question is, is Portfolio another dba for Resurgent, or are they just another JDB? Is it really true that LVNV and Resurgent are really one of the same? Also, why after several months of my case being confirmed, would they sale the claim?

[justbroke]

IMy question is, is Portfolio another dba for Resurgent, or are they just another JDB? Is it really true that LVNV and Resurgent are really one of the same? Also, why after several months of my case being confirmed, would they sale the claim?

My really short answer is... I have no clue who's who in the "trafficking" of claims.

It's a business model that apparently is profitable to many of them. I know that Becket & Lee file claims on behalf of many people, as does Resurgent, and Jefferson Capital Systems. It's too confusing to me!

[arkienurse]

Also, why after several months of my case being confirmed, would they sale the claim?

From experience, you can expect more of them selling your claims during the bk. Even though they were getting paid after the first year going to secureds, several of my claims changed hands over the life of the bk. Some changed hands several times.

[Diogie]

Understand about some minor descrepancies...however - this descrepancy would bring me current. Is there any way to get it looked at in any way?

[justbroke]

Understand about some minor descrepancies...however - this descrepancy would bring me current. Is there any way to get it looked at in any way?

File an objection to the Proof of Claim. There is no "bar date" codified in the Bankruptcy Code (Title 11).

If it's that egregious, I would tell my lawyer that the amount is just too significant. But, I'll let you know that you lawyer may charge you... and that charge to file an Objection and perhaps attend at least two hearings (non-evidentiary and evidentiary), may cost more than the difference.

I know I argued an Objection to one claim in which I asked the court not to award attorney fees because they would consume the $500 difference in the claim. I haven't settled that one yet.