Pay off 13

[JOEYBOY]

I just started my chapter 13 payments im 8 months into a 60 month plan for the last 3 months im been dating a very nice wealthy woman she know about my situation and she wants to pay it off no strings attach
what to you guys think? what will the trustee say?

[newbie2]

I just started my chapter 13 payments im 8 months into a 60 month plan for the last 3 months im been dating a very nice wealthy woman she know about my situation and she wants to pay it off no strings attach
what to you guys think? what will the trustee say?

There are no early payoffs in a Chapter 13 unless you pay 100% of the debt. If your nice wealthy lady friend wants to do that for you, then go ahead! (I wouldn't trust the no strings attached..us ladies have a way of using invisible strings :-)

[JOEYBOY]

thanx , i hear that!!!

[andy158]

Does she have a sister?

[jdcat]

Rofl!!

[HappyCatNC]

There are no early payoffs in a Chapter 13 unless you pay 100% of the debt.

False. That is not true everywhere.

Most districts use your term (3yrs-5yrs) as a duration, but there are districts out there that use it as a multiplier. It's one of the many many maddening variances in BK law interpretation from one district to the next.

In the district where we filed, it's a multiplier. They take your payment and multiply it by the number of months in your plan to come up with the total.

After a 6 month window where you have to make regular payments, you could pay off your plan amount and discharge.

We didn't know this when we filed, imagine our excitement when the attorney explained it to us!

HappyCat NC

[JOEYBOY]

I'm going to check for Florida

[newbie2]

False. That is not true everywhere.

Most districts use your term (3yrs-5yrs) as a duration, but there are districts out there that use it as a multiplier. It's one of the many many maddening variances in BK law interpretation from one district to the next.

In the district where we filed, it's a multiplier. They take your payment and multiply it by the number of months in your plan to come up with the total.

After a 6 month window where you have to make regular payments, you could pay off your plan amount and discharge.

We didn't know this when we filed, imagine our excitement when the attorney explained it to us!

HappyCat NC

This was the case pre-2005, but I have never heard of it with the new laws.

[espo1357]

obv. a BS post.

Thanks for wasting our time, while people like me, with serious issues get pushed back.

Cheers!!!!!!!!!!!!!!!!!

[JOEYBOY]

this is not a BS post im looking for answers to my questions

[BankruptinNC]

False. That is not true everywhere.

Most districts use your term (3yrs-5yrs) as a duration, but there are districts out there that use it as a multiplier. It's one of the many many maddening variances in BK law interpretation from one district to the next.

In the district where we filed, it's a multiplier. They take your payment and multiply it by the number of months in your plan to come up with the total.

After a 6 month window where you have to make regular payments, you could pay off your plan amount and discharge.

We didn't know this when we filed, imagine our excitement when the attorney explained it to us!

HappyCat NC

What district do you live in?? I am also in NC, and this is news to me as well with the new bankruptcy laws in place. I would love to know if it applies in my district!

[JOEYBOY]

im in miami florida

[BNKRPTinNC]

What district do you live in?? I am also in NC, and this is news to me as well with the new bankruptcy laws in place. I would love to know if it applies in my district!

x2

Howdy cousin.

Side note, I thought that there were only 3 or 5 year plans and see that you have yours for 4, what's up with that?

[frustrated51]

always strings

There are always strings so be careful if you do it. How about she just make your payment every month instead.

If she wants to help someone else send her my way.

[JOEYBOY]

IF she makes the payments it will be good for now , but what about when its all over no more payments!!!

i just wanted to know if it is possible to pay off early don't matter what the situation