...when you sell your home for profit after mortgages are paid off and above homestead exemption, would you have to take that profit and pay off your unsecured debtors 100%, even if your payment plan ended up paying them say 40% over the course of the plan?
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Originally posted by ColoradoBell View Post
If you are talking about paying off your Chapter 13 plan early, then yes, the unsecured creditors need to be paid at 100%, There is no early "buy out" anymore. It doesn't matter how your plan was initially set up. (our payoff is over 50% off, but we would still have to pay 100% if we wanted out early.)Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions. -
well, I'm not talking about wanting to pay it off early.
I guess I'm wondering if I keep my house, make my payments and whatever I'mm supposed to pay to unsecureds on my plan....if I make a profit on selling y house while the plan is still in effect...will the trustee want that money to go towards paying the unsecured above and beyond the payment plan? I mean, if I have to give any profit over and above debt to the plan, then I might as well just stay in the house for the entire plan.Last edited by ColoradoBell; 06-12-2010, 12:31 PM.Comment
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Welcome to the joy of ch13, where there is every incentive not to earn money.
:-)filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!Comment
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I would stay in the house til the end of the plan.Originally posted by ColoradoBell View PostFiled Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.Comment
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