Chapter 20?

[shellbell]

I was told that I am in what people call a Chapter 20 Bankruptcy. I filed for Chapter 7 in 2005, was discharged in March of 2006 and then filed Chapter 13 in Aug/2006 to keep my home. I am in a 60 month plan and have 7 more months @ $2107.00.

That means that I am paying everyone back @ 100%. Here's my situation.

1. One creditor that was secured is now paid in full. Waiting on paperwork from Harley to send to the trustee.
2. My next creditor that is secured is my car. I owe $650.00.
3. My home mortgage arrears where rolled into my regular mortgage via Home Loan Modification.
4. The IRS is the only creditor I have left (~$3200.00)

Since I won't be getting a discharge, because everything will be paid in full, what would happen to my case if I were to have it dismissed after my car is paid off??

[NowImDownInIt]

The automatic stay would be lifted and your mortgage company would be free to foreclose on you. You would still have the IRS debt as well and they would be free to take whatever action they see fit.

[NowImDownInIt]

I see in your last post that you are wanting to pay it out early? You said that the trustee's office wouldn't help you. They won't generally give you legal advice, because they can't but they are the source of the most accurate payout amount. They should be able to give you this. Just don't ask them any other questions.

[shellbell]

thanks everyone for your responses. I didn't think I would be Foreclosed on by my Mortgage company because I did a Loan Modification back in 2009 that rolled my arrearages into the regular mortgage.

My mortgage in fact was mistakenly taken out of Bankruptcy status by the Mortgage Holder. I had to have my attorney contact them stating that the loan should have never been labeled that way.

That is why I was asking.

I was thinking that the only creditor left after my Car Loan is the IRS.

[justbroke]

Since I won't be getting a discharge, because everything will be paid in full, what would happen to my case if I were to have it dismissed after my car is paid off??

Your issue will probably be with the IRS and whether your interest rate was 0% during the Chapter 13. If you cancel your case, the IRS may be able to add all the back interest to the balance.

I would certainly review the impact on the IRS debt.

[shellbell]

thanks Justbroke. I am thinking the IRS debt is incurring interest. There are two different amounts on my ledger.

I am just very anxious to get all of this over with. 60 months is a long time.

Have a great day!

[shellbell]

I have another small question. Since I won't be getting a "discharge" in my case, what is it going to be considered when I am completely finished???

[justbroke]

I have another small question. Since I won't be getting a "discharge" in my case, what is it going to be considered when I am completely finished???

Closed. However, you should have all your past tax debt clear and your home mortgage should be "current". We will also give you a pat on the back!

[shellbell]

I am going to have a HUGE party!! lol I am proud of myself and can't wait for October to get here! ;)

[AngelinaCatHub]

How 'bout we'll throw in a hamster dance and two beers. 'Hub

[shellbell]

shoot. I'll throw in whatever you want!! ;) LOL