Getting out of Chapter 13 before 5 years....

[deeone2010]

Hi everyone!

I met with a lawyer today to talk about chapter 13 and the allowable plans (such as 3 or 5 years). Anyhow, I had asked him about an early buy-out and he told me that laws have changed and no longer an option.

Now, he told me something very interesting...if we have a family member or close friend that wants to help us pay off our balance owed to the trustee before the 5 year mark, it is allowable without penalities, as long as the money is not coming out of our pockets.

Question- has anyone done this? If so how did it work?

Thanks!

Dee

[momofthree]

You have to pay 100% of your debt in order to buy-out early. If you have someone willing to do that for you, you may as well just skip bankruptcy altogether.