I am halfway through a Chapter 13, I am curious about the early buyout. According to my quarterly report from the trustee, the amount needed to complete claims will be paid off within a year. I understand if you still have time left on your claims, the additional monies you pay after the amount needed to complete claims will just be an extra bonus to the creditors. If I pay off what I owe (amount needed to complete claims) I still have to pay on the program until the 60 months is over. But if I pay early buyout before that time comes, wouldn't that mean I would not have to pay anymore? Thanks....
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Unless your plan called for unsecured creditors to be paid 100% then you will keep paying for the full term of your plan. (Unsecured creditors will receive more).Originally posted by beachchick View Post
(Little confused by your wording though, you said "If I pay off what I owe" could mean you were in a 100% plan.)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.
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