Paying off a 60 month chp 13 in 1.5 years anyone?

[chp13]

Ok so I have my trustee meeting this month. I just found out that I have the oppurtunity to earn approximately $30K at minimum from next month until the end of this year in overtime. Then $50K next year. This is due to a ferderal work grant, which is voluntary. BTW my total debt is $58K.

Now my question is has anyone payed off the chp 13 debt in full way before the 60 months? Will the the trustee add all the past intrest from the time I filed?

[lrprn]

In the five and a half years since the current bk law went into effect, the incredibly knowledgeable members and moderators on this forum have not been able to unearth a single Ch 13 case anywhere in the US that has been able to pay off early without paying back 100% to all the creditors who filed claims.

Talk to your lawyer about the consequences of adding that much bonus money to your income if you take on the extra earnings opportunity. Some trustees won't care about the extra cash, others will ask the court to amend your plan so the trustee can share the extra disposable income among all your creditors who filed claims. Your lawyer will know where your trustee falls along this curve.

[chp13]

My intentions are to pay back 100%

[Cristo]

Sounds like you are on the path to getting out early. If you are paying 100% you only need to pay 100% of the claims that were filed. There should not be anything added on after confirmation. Great! Good luck to you.

[jcj112562]

No matter how long the Plan is written for, if you pay off 100% of all allowed claims, you will get the discharge, but only if you pay 100%. I know, since I wrote my Plan for 60 months, as required in the law due to income level, but finished it in around 26 months, paying 100% to every allowed claim.

John

[chp13]

No matter how long the Plan is written for, if you pay off 100% of all allowed claims, you will get the discharge, but only if you pay 100%. I know, since I wrote my Plan for 60 months, as required in the law due to income level, but finished it in around 26 months, paying 100% to every allowed claim.

John

Was this planned? If not, did you let the your Attorney or Trustee know about your early payoff plan? Whats was there reaction?

[Pandora]

In the five and a half years since the current bk law went into effect, the incredibly knowledgeable members and moderators on this forum have not been able to unearth a single Ch 13 case anywhere in the US that has been able to pay off early without paying back 100% to all the creditors who filed claims.

I dont know lrprn - because we were told we could pay off our plan at month 36, but not before vs. going the full 60 months. Not everything will be paid in full at that point either - but I've questioned our lawyer extensively (and the trustee's office) and we were told because we were under median when we filed and qualified for a 36 month plan but extended it to 60 due to income issues, we could pay off early. Now I dont know if this is because we were under median or if its because we're stripping the 2nd and the other 2 claims are paid 100%, but our confirmation does state we can pay off our CH. 13 no sooner than 36 months should we choose to, at the same % we're currently at (34% I think).

Des...HHM - can you confirm this is how it works to ease my mind? I'm still questioning if our lawyer is correct in it, because everything I've read / heard states exactly what Lrprn wrote above. ???