payoff

[brian55]

#1 Can I pay off the ch 13 if so would the amount be
A . The principal owed $10,224.55
B . The plan base $ 44,441.40
C . Or something else ?
D . The percentage to unsecured creditors is 14.52 they have not received any payment
#2 can I change my plan
My plan calls for 60 payments of 640.69 per month
I have paid $10,561.97 into the plan.
And have reassumed the mortgage arrears outside the bk and they have withdrawn the claim witch had a $7,509.58 bal.
My plan used income of $850 per week have made about avg of 600 this does not look to change this year.
I do not want to be forced in to a ch7 this could put my home at risk.
Due to not working for the last year I can withdraw my annuity of $17,000.

[HHM]

You would pay off 100% of filed claims in your plan.

There is no longer an option to simply pay off the plan for the balance of the plans payment, you must now pay off all filed claims. For example, if your creditors filed $60,000 worth of claims in your plan, but your plan is only paying $20K over 60 months, to buyout early, you would need to pay the balance of the $60K, not the $20K.

Best bet, go in and modify your plan based on the reduced income to lower your payment.

[brian55]

when you try to change your plan are you at risk of being worse off.

[enginegirl]

when you try to change your plan are you at risk of being worse off.

not necessarily.... if your salary is reduced significantly you typically will be better off.... (my original payment was $1800.00 took a massive pay-cut.... payment is now $580).... and some of the exemptions have changed...

[woeisme]

My plan payment went from $1100/month to $400/month after I had to modify it due to a change of income and needing to get a vehicle since both of ours were old junkers when we filed (should have got a new one prior to filing, but didn't know that at the time!) So while yes, changing your plan will have them looking at everything and is always a risk that it could increase if your expenses have decreased or your salary has increased, if you have only had adverse things happen to your budget, is certainly worth considering.