Claims bar date..

[steak]

Claims bar date just passed..we have over 79k in unsecured debt but not all creditors filed a claim and it looks like we will only owe up to 38k...We are on a 5 year plan paying 1300 a month..What is my best option? Do I need to wait a year to get on a 3 year plan? Will I have to go to another 341 meeting? Any help is appreciated..Thank you..

[andy158]

I have a similar situation. The trustee moved to extend my confirmation hearing for the reason that I am 60 days into filing on $103k unsecured debt with 28 claims listed and three filed a claim so far. If I go into a 100% payback will it be for five years at a reduced amount or the same payment I am making now at a reduced time frame? Total claim so far is $18k.

[rrockinggramma]

only those who file a claim get paid. Now what happens is that you will end up paying those who filed a claim more. Your plan will not be shortened and you will not have to go to another meeting.

[SimBroke]

I have a similar situation. The trustee moved to extend my confirmation hearing for the reason that I am 60 days into filing on $103k unsecured debt with 28 claims listed and three filed a claim so far. If I go into a 100% payback will it be for five years at a reduced amount or the same payment I am making now at a reduced time frame? Total claim so far is $18k.

You're lawyer should fight this - The claims bar date was set by the judge and I do not think the trustee (who is working for the creditors/his own commission) should be allowed to just move that date out for the benefit of the creditors - unless it can be shown that the notices were not sent properly.

[rrockinggramma]

if you end up only having that 18k filed in a claim, then you could end up in a 100 percent plan. However once that 18K is paid off, then you are done, even if less than 60 months. Confirmation is delayed usually when the trustee objects to the plan or a creditor does. It isn't usually delayed just to see who else files claims.

[andy158]

rrockinggramma: This is what the letter I got says, "In support of this motion, the trustee asserts that the debtors are current in plan payments and no objections to the plan have been filed which need to be resolved prior to confirmation. However, the claims deadline for unsecured claims is moved to November 16. Until all claims are filed, the trustee is unable to determine whether the plan makes an appropriate distribution to claims as required by the Bankruptcy Abuse Prevention and Consumer Protection Act".

[SimBroke]

rrockinggramma: This is what the letter I got says, "In support of this motion, the trustee asserts that the debtors are current in plan payments and no objections to the plan have been filed which need to be resolved prior to confirmation. However, the claims deadline for unsecured claims is moved to November 16. Until all claims are filed, the trustee is unable to determine whether the plan makes an appropriate distribution to claims as required by the Bankruptcy Abuse Prevention and Consumer Protection Act".

You're lawyer should be able to respond to that that there has been sufficient time for the creditors to file claim and assert that the trustee has more than enough information to make that determination/distribution.

[rrockinggramma]

do you owe a government entity a LOT of money? They get longer to file than unsecured creditors. If that is the case and it is priority debt, the trustee is making sure that your plan is funded. oops reread and see unsecured claims. So you must have some BIG claims that the trustee is waiting to see if they file or not. What was the reason why the bar date was moved to November? Was there an issue getting notification out to creditors?

[andy158]

do you owe a government entity a LOT of money? They get longer to file than unsecured creditors. If that is the case and it is priority debt, the trustee is making sure that your plan is funded. oops reread and see unsecured claims. So you must have some BIG claims that the trustee is waiting to see if they file or not. What was the reason why the bar date was moved to November? Was there an issue getting notification out to creditors?

My plan payments are $1,055/mo and I have made three payments already. Plan is funded @ $2,900 presently. Had car loan crammed down and one payment has been disbursed . Biggest claim is Chase card $15k (not filed yet). Notification to creditors was mailed within a week of my filing. No issues that I am aware of. Paralegal says there are alot of cases backed up in my district. I guess the bar date moves also? 341 was originally scheduled for August 20 and moved to September 22. Confirmation was originally scheduled for September 22 and moved to December 1 as per the trustee's motion. If this keeps up I'll have 1/2 year of payments made before confirmation! Not that I am complaining.

[rrockinggramma]

ohhhh well creditors have 90 days after your 341 to file a claim. That is why the bar date was moved.

[lrprn]

I have a similar situation. The trustee moved to extend my confirmation hearing for the reason that I am 60 days into filing on $103k unsecured debt with 28 claims listed and three filed a claim so far. If I go into a 100% payback will it be for five years at a reduced amount or the same payment I am making now at a reduced time frame? Total claim so far is $18k.

Andy, you filed Ch 13 on July 17. Non-govt creditors have 90 days after the first date set for the 341 to file claims (govt has 120 days). What was your first 341 date that was rescheduled?

If we know your first 341 date, we can help determine if your trustee has extended your creditors' time to file claims inappropriately or not.

[andy158]

August 18 was the first scheduled date. I am reading my official case and see that the deadline to file proof of claim is November 16 (90 days after). My misunderstanding. I cringe when I get letters from the lawyer! Looks like the trustee is just covering her bases if someone files at the last minute or if not all the creditors listed file. My plan may be adjusted accordingly. Thank you for your responses.