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Ch 13 Early Payoff?

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    #1

    Ch 13 Early Payoff?

    I was thinking when we filed in April of last year that our attorney said the plan can be paid off early, but everything I am reading here says its 60 months regardless.

    I have yet to contact attorney b/c things are going smoothly but if I can pay off early, I'm going to try b/c 60 mos is a long time. The sooner I can get out this 13, the sooner I can start rebuilding my credit profile.

    I'm assuming different states and different districts within those allow for different things to happen (i.e., keeping tax returns, etc). Is this payoff one of those things or are all 13 plans now 60 months regardless of the state?

    Wanted to get my expectations straight before I actually got them shot down by the paralegal (b/c you know I wont be speaking with the attorney). Thanks.
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    #2
    If you are below median, you can qualify for a 36-month term.

    Otherwise, the only way to "buy out" your ch.13 early would be to pay 100% of your debt before the 60 months...

    Under the "old law" there were ways to "buy out" early without paying 100%, but the new law abolished that practice.
    Filed Chapter 13 on 2-28-10. 341 completed 4/14/10. Confirmed 5/14/10. Lien strip granted 2/2/11
    0% payback to unsecured creditors, 56 payments down, 4 to go....

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      #3
      If you filed pre October 2005 which I don't believe you did, you could probably buy out of your plan at the percentage at which you were confirmed. As indicated by the previous poster, in order to buy out of a Plan early you must pay back 100% of the debt listed at filing, minus what you have already paid in with your Plan payments. Your lawyer can clue you in more on this. We bought out 4 years into a 5 year plan (I totally understand your feelings) but we were old law filers (2002) and were able to buy out at our confirmed percentage but even then there were restrictions in place in order to do that.
      _________________________________________
      Filed 5 Year Chapter 13: April 2002
      Early Buy-Out: April 2006
      Discharge: August 2006
      "A credit card is a snake in your pocket"

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        #4
        Thanks for the replies...............we were not below median - I thought I recalled my attorney saying we pay off early. I will check with Attorney and Trustee's Office and report back.

        I agree with you all that I cannot pay off early but going to call anyway. Thanks.

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          #5
          one other way.... my attorney objected to and over statement on one creditor, it was objected to after 3 years into my plan. The attorney was correct in the objection and i finished my bk in 48 months.

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            #6
            My atty said we could put extra money towards the money owed - and it would come off the bank end, but not lessen the total due -

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