New Law Chapter 13 Buyouts?

[MOMof3]

Has anyone heard if New Law 13's are being allowed to buy-out? Our lawyer was so confident that they would be allowed, now I'm worried that they won't since I haven't seen much posting about it & can't seem to get anything when I "google". It has always been our plan to buy out after 36 months (we are still a year away).

[Flamingo]

The three year mark since the new law went into effect has come and gone and from what I have seen on this forum, no one has posted anything about being able to buy out after three years. Filings were very low for several months after the new law went into effect so there may not be that many folks in that position to be able to do so or they just cannot. I would suggest checking with your attorney when you get closer to your 36 month mark to see if you would be eligible.

[BKOnce]

What is condition? C13 buy out = 100% payback?

[MOMof3]

I am hoping that it will be like it used to be 36 months = % payback of confirmed plan. That is my hope!! We are too full for our house--being able to refi & payoff early will give us an extra two years to rebuild our credit so that we can sell our home & buy a bigger one! We can't afford 100% payback & if that was the case--we would wait out the 5 years.

[justbroke]

Has anyone heard if New Law 13's are being allowed to buy-out? Our lawyer was so confident that they would be allowed, now I'm worried that they won't since I haven't seen much posting about it & can't seem to get anything when I "google". It has always been our plan to buy out after 36 months (we are still a year away).

The Consensus in my District, which is one of the largest in the Country, is that a BAPCPA buyout is a 100% to unsecured creditors.

I overheard my judge talking to an attorney and she said that she believe the "new law" required a 100% payout. Then, a couple of weeks ago, I heard the U.S. Trustee talking to a newly admitted attorney and was instructing her that a buyout was 100%.

Of course, let the litigation begin! Someone is going to have to fight it to see if the new law actually has teeth. We need some caselaw. At least in my District, seems people are subdued with the fact that it seems to be 100%.

However, I would argue that Congress was wrong with how they did it. The only place I see the reference to 100% is with respect to the applicable commitment period, in the Plan confirmation (11 USC 1325) part of the code. It is not in the Discharge section (11 USC 727) of the code... which may be a way to attack the theoretical 100% requirement.

[MOMof3]

I am certainly hoping that we get some good fights going soon! I would love to buyout early, but we won't if we have to pay 100%. I certainly don't want to be the one challenging---but we should have some resolution before I get there. I wonder if it will all be different trustee to trustee/court to court---it is so frustrating that there is no consistency.