New business opportunity- Creditors paid at 100%

[c2c2c2]

The trustee and Court have approved my motion to modify payments at 100% of my plan and adjusted them from 2100/mo to 100.00/mo through May 2010(end of 36 mo).
I now have an opportunity to purchase assets of a business that will involve me signing on a loan for 450,000. Will the Court approve this since I am pre-discharge but paid off on the plan? Thank you in advance. Chris

[forgotten]

I didn't really understand that one....
Have you already paid your chapter 13 off at 100%, or does your plan just call for you to pay 100%?

If you have already paid it off at 100% and are just waiting for the case to be closed, then perhaps. But the question I have is... you found a bank to give you a $450,000 while in a CH13?

[c2c2c2]

Yes it is paid up at 100% and my plan called for that. I paid ahead of the plan from a chronological standpoint. The 36 month end date is May 14th 2010. Once I paid it up to 100% of plan I filed a motion to modify payments. It was agreed ahead of time that 100.00/mo for the duration (through May) would be acceptable with the Trustee. Prior to that I was paying 2100/mo. So to sum it up, I am pre-discharge and paid at 100%. I will be required to ask permission to sign on this financing. Is their a precedent for the court to approve this? Regards,Chris

[c2c2c2]

In response to your question regarding availability of financing, the answer is yes. That is why I am asking whether I will be allowed to do this.

[newbie2]

I'm really confused. If you paid 100%, then why in the world should you have to pay another $100 per month til the end of May? Seems to me that everyone would be getting more than 100% then..

[c2c2c2]

Thanks Newb, The 100.00 goes to the trustee not creditors. They are done. THe problem is 13 plans have to go 36mo minimum under the 'new' law. There is no early out like there used to be. C2

[forgotten]

Thanks Newb, The 100.00 goes to the trustee not creditors. They are done. THe problem is 13 plans have to go 36mo minimum under the 'new' law. There is no early out like there used to be. C2

There is nothing that prevents the case from being discharged and closed before 36 months if all creditors have been paid at 100%.

[c2c2c2]

Sorry Forgotten but there is. I am in a 36 month minimum duration chapter 13 plan. It is mandatory under the 'new' law.