Yet another BK 13 question

[unclerico]

If my DMI is enough to cover all secured and unsecured debt over 60 months do we get to keep the remainder of the DMI?

[zeezee]

If that is so, it sounds like you will be in a 100% pay back...

[justbroke]

If my DMI is enough to cover all secured and unsecured debt over 60 months do we get to keep the remainder of the DMI?

Yes.

[unclerico]

I am speculating, I guess I will not know until I see the payback plan workout coming up Friday. We filed Thursday but there are a lot of things up in the air right now. I am anxiously waiting to see what the attorney works out.

[krielly]

Even if you are 100% payback, you probably will have to pay back all of your DMI until you have paid the 100%. In other words, you will pay off your plan earlier than the 60 mos..........

K

[rrockinggramma]

and if the creditor does not file a claim, you do not have to pay them so cross your fingers that in a 100 percent pay back many of your creditors do not file claims.

[HHM]

Actually, you still pay ALL your DMI into the plan, you would just be done sooner.

[unclerico]

So the creditor has to file a claim to get funds from the trustee? Don't most creditors file a claim or is it common for them not to?

[HHM]

So the creditor has to file a claim to get funds from the trustee? Don't most creditors file a claim or is it common for them not to?

Most file claims, but it is not uncommon for a creditor or two not too. Don't count on a creditor not filing a claim, just count yourself lucky if one forgets to do so.