DH and I filed Ch. 13 BK in October of 2004, and were set up with a 60 month plan with 60% going to unsecureds. Our plan includes one priority claim for a water bill which has not yet been paid through the plan, arrearages on our first and second mortgages (which have now been paid), as well as some arrearages and the balance of DH's motorcycle. The bike has since been paid off, and we received the title and sold it, after receiving permission to do so. Long story short, the only thing being paid through our plan now is our first and second mortgages and the trustee fee. It appears as though not one of our unsecured creditors filed a claim. The only thing remaining to be paid is our one priority claim of the water bill, our regular mortgage payments, and the trustee's percentage. Additionally, there is now a balance of $4,400+ sitting in our account.
My question is: Why are we still in this plan? Why do we have to pay all of this into the plan if nobody filed a claim? Will they divide the balance and give them each something? The amount that is extra is nowhere near 60% of our balances, and according to my calculations there will be a $6,000 surplus at the end of our plan.
I realize that if it is a surplus that we would eventually get it back, but we need it now...we're putting off big things like badly needed dental work and braces and a move to a neighboring state. Currently we would have to ask for permission, have an appraisal, etc. This would all cost a great deal of money and time, and in this market our house may not even sell prior to the end of the plan anyhow, so we've been waiting it out for the last year and a half with another 6+ months to go, possibly longer until they get around to our discharge. Is it reasonable to think we could ask for an early discharge? Who do I ask? How do I make sure I am correct on everything before proceeding with this?
My lawyer is the type of person that would make me feel like an idiot for even asking, and would completely belittle me. He lets a lot to be desired, and had we not been in denial until the last second prior to filing, we would have done a lot more homework and found a lawyer who was a better fit...but that's a whole other story.
My question is: Why are we still in this plan? Why do we have to pay all of this into the plan if nobody filed a claim? Will they divide the balance and give them each something? The amount that is extra is nowhere near 60% of our balances, and according to my calculations there will be a $6,000 surplus at the end of our plan.
I realize that if it is a surplus that we would eventually get it back, but we need it now...we're putting off big things like badly needed dental work and braces and a move to a neighboring state. Currently we would have to ask for permission, have an appraisal, etc. This would all cost a great deal of money and time, and in this market our house may not even sell prior to the end of the plan anyhow, so we've been waiting it out for the last year and a half with another 6+ months to go, possibly longer until they get around to our discharge. Is it reasonable to think we could ask for an early discharge? Who do I ask? How do I make sure I am correct on everything before proceeding with this?
My lawyer is the type of person that would make me feel like an idiot for even asking, and would completely belittle me. He lets a lot to be desired, and had we not been in denial until the last second prior to filing, we would have done a lot more homework and found a lawyer who was a better fit...but that's a whole other story.
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