Creditors slow to file proof of claim

[rdmccaffrey]

My chapter 13 plan was confirmed last week. My Proof Of Claims deadline according to Pacer is 7/6. I've been watching my claims on Pacer, do many creditors wait and file claims at close to the deadline or last minute? As of right now, not many creditors at all have filed a claim. If these are all that do file, I would come out of chapter 13 waaaay before 5 years.

anybody else had experiences with creditors being slow to file a claim?

[pete42]

I filed on April 1 and haven't had any creditors file a claim yet, but they have until Aug. 1 first so I check every couple of weeks.

[walkthaplank]

It really doesn't matter to you if they do or don't file a claim unless you are in a 100% plan. The only ones that are important and that you want to bug if they don't file a claim are governmental agencies for taxes.

[rdmccaffrey]

If I'm understanding it correctly, if they dont file claims...they dont get anything and I would be out from under this quicker than 5 years.

[walkthaplank]

If I'm understanding it correctly, if they dont file claims...they dont get anything and I would be out from under this quicker than 5 years.

If you are in a 100% payback plan and some didn't file claims your case would end quicker and any (non secured/non priority) creditor that didn't file a claim would have that debt discharged having received nothing.

Of course what will happen is that you will see a slew of last minute claims filed, probably by third parties who bought the debt from the original creditor. There seems to be a cottage industry that has developed around the increased number of CH13 filings.

There have been some here who have had many creditors fail to file timely claims, one even had nobody file a claim and was discharged immediately after the claims bar date, but I wouldn't hold out much hope, especially if you are in a 100% plan. Don't even look at the filed claims until you are past the claims bar date, it will save you some aggravation

[rdmccaffrey]

Currently, I'm in a 20 percent payback plan if I remember correctly. Only 4 creditors have filed claims so far, and that totals 10,000 dollars worth. So again if I'm understanding correctly. If no others filed, I would pay those back at 100 percent and I would be out early.

Thats what I was wondering, and you answered...if a bunch of them were going to file right at the last minute. I've been hoping that since we were on a low payback percentage, the creditors didn't feel it was worth their time and wont file

[walkthaplank]

I had some creditors file claims for small amounts, I had others that I had more than one account with file a claim on one, but not another. There really is no rhyme or reason

[Lissy]

Your percentage payback really doesn't mean anything. I'm not in a 100% plan (I'm paying back around 70%) but I was hoping for an early discharge too. Leading up to my confirmation hearing, only a handful of my smaller creditors had filed claims. I was hoping the bigger ones would miss the deadline. If it had stayed that way, I would have been looking at only 2 years of payments instead of 5. Not because I was in a 100% payback, but because my payment was sufficient to have paid off those particular creditors that did file claims 100% in only 2 years. I suppose if they had been the only ones to file claims, I would have then technically "upgraded" to a 100% plan, even though it didn't start out that way. But as I stated in the other person's thread, your creditors will be notified once you have been confirmed. Within days of being confirmed, all of my creditors except one small one filed claims.

[justbroke]

Unless you're in a 100% plan, I wouldn't worry about claims not coming in fast enough. The amount of your DMI (disposable monthly income) in a non-100% plan will just be distributed between those that file an allowed general unsecured claim. That simple.

[rdmccaffrey]

Today was the deadline. I'm on a 13 plan to pay 883 dollars twice a month for 5 years. My mortgage late amount was included in my plan and hasn't been filed yet. My mortgage was around 4500 behind and the monthly note is 875. However, only 9000. of unsecured claims have been filed. The way the attorney had it figured was about 110,000 dollars worth of unsecured debt at 20 percent payback.
The way I figure, I should be out of this in about a year. At 883 a month it won't take long to pay off 9000 at 100 percent. I dont know if a claim was filed today, it would show up on pacer today. I'm hoping that it does and the amounts given today are correct.

[catleg]

There is such a thing as an "allowed late claim". I had a late claimaint (JDB) and I told my lawyer to object and his proposed order classified it as an "allowed late claim". I don't know if this is just a lack of aggressiveness on his part or the way things are done here, but I let it slide, figured it wouldn't matter. There is no way I can or will pay back my claims at 100% to allow the late filer to get anything.

[tigergem]

hmph. I filed a late claim for the IRS with a motion and proposed order, because they asked me to. The Sybil in me wants to object to the claim on my own behalf lol.

[Amadan]

Im wondering how long it takes PACER to get updated after the claims bar date passes. Mine was only yesterday, but PACER still shows I have ZERO unsecured claims filed on over 80k. Last update was 6/27, the day right after my confirmation. I thought they would have begun trickling in one or two at a time. Could they really have all waited until last minute and it just hasnt gotten updated yet?

Any other PACER addicts here that know how long it takes to get an update?

[justbroke]

Wow, zero claims? If there are no claims, then I guess you don't need to pay the unsecured creditors! Claims are usually done electronically and are "instantly" in PACER. Some claims are mailed in but processed within a few days.

PLEASE BE AWARE, that the "Date of last filing:" listed on your PACER screen does not reflect ANY receipt of Claims. You have to check those by clicking the "Claims Register" link. Otherwise, you'll think nothing has happened with your case.

[LadyInTheRed]

Im wondering how long it takes PACER to get updated after the claims bar date passes. Mine was only yesterday, but PACER still shows I have ZERO unsecured claims filed on over 80k. Last update was 6/27, the day right after my confirmation. I thought they would have begun trickling in one or two at a time. Could they really have all waited until last minute and it just hasnt gotten updated yet?

Any other PACER addicts here that know how long it takes to get an update?

My case gets updated quickly. Just checked and saw two claims filed today. Both are by the same assignee for 2 different CCs. These are the first claims filed and I was confirmed on July 20.