Paying The Unsecure

[godeep99]

Hi
I'm was wondering in a 13 plan about unsecure payment. Do you pay the amount of the principal owed column? I spoke with some and say if you add the principal owed that is what they get. Or is it figured out some way else. My plan started at 13% ($3k)now I am being informed that it may be as high as ($9K) to the unsecured. I only have a few months to go and was trying to figure out everything. Thanks

[oldhack]

Look at your 'plan base'. That's the minimum amount you're going to pay.
I winds up increasing the dividend to unsecured creditors if some of those creditors don't file claims. For example, if that original $3K to unsecured was 13%, and only 1/3 of them filed claims, each will get a larger dividend because they'll share what the non-claimants forfeit by failing to file. Additionally, under the 'new' 2005 bankruptcy law, since your case must go the full 60 months (unless you can pay 100% sooner), anything that totals over that original $3K will be paid out to the unsecured claimants.

[godeep99]

I don't know if it makes a difference but I am under the old law(filed 9/19/05). My plan states that unsecured will receive $3000. but not sure why they would get $9000. I guess I don't seem to fully understand that it says 1 figure in the plan($3k) for unsecure and are wanting to take out more.