Notice of Intent to Pay Claims

[simon2020]

I just received a copy from my trustee a form "Notice of Intent to Pay Claims" which says I am current and which creditors have been paid so far.

At the bottom of the page there is a note that states: AS OF JULY 31, 2009, YOUR BANKRUPTCY PLAN IS INFEASIBLE BY $XX,XXXX.00

Consult your attorney to resolve this infeasible plan.

Quick notes:

1. My plan was confirmed mid July
2. I have been current with my monthly payments since April

What is this whole infeasible thing -- what must be done to clear this up? I thought I was done and smooth sailing for the next 60 months?

[justbroke]

What is this whole infeasible thing -- what must be done to clear this up? I thought I was done and smooth sailing for the next 60 months?

Is your plan confirmed yet? I don't see how it could have been confirmed if it's not a feasible plan.

What this feasibility means, is that based on the numbers the Trustee put in the system, your are not paying enough to meet all the obligations in the Plan. This could just be a mistake on your Plan, or a misunderstanding of things you're surrendering or paying outside the plan.

Did you file with an attorney? If so, you two need to go back through the plan. If it's a confirmed plan, then you'll have to see what the discrepancy is. It it's not yet confirmed, look over the plan and see if it has some errors on it.

[rrockinggramma]

did you have a secured claim come in higher than expectations? Or do you have a mortgage claim that is out of whack or are you lein stripping and it hasn't been finalized? You need to get with your attorney asap.

As mentioned, plans that are not feasible are not confirmed as a rule.