13 early payoff?

[Andyman]

My 13 included a $9500 car loan and a $3000 lawyer fee. I'm in a 60 month plan with payments of $310/month. I have mad 32 payments and one tax refund of about $1700.

Will the $1700 make my plan paid off earlier?

I had 3 credit cards that got nothing.

Thanks!

[forgotten]

My 13 included a $9500 car loan and a $3000 lawyer fee. I'm in a 60 month plan with payments of $310/month. I have mad 32 payments and one tax refund of about $1700.

Will the $1700 make my plan paid off earlier?

I had 3 credit cards that got nothing.

Thanks!

No, any extra money received after paying off your secured debts will go to unsecured creditors.

[justbroke]

Exactly. There are rarely "extra" payments in a Chapter 13 that allow you to complete the plan earlier. You are in a Chapter 13 until the earlier of your case being dismissed, you paying 100% of the allowed unsecured claims/creditors, or you reaching your plan lifespan (generally between 36 and 60 months).

Do you know how much your unsecured debt was? If it was in fact less than $1,700, then perhaps that would mean that you would have paid 100% of your unsecured debt. Otherwise, as stated, the $1,700 just goes into the pool for unsecured creditors.

[Andyman]

Exactly. There are rarely "extra" payments in a Chapter 13 that allow you to complete the plan earlier. You are in a Chapter 13 until the earlier of your case being dismissed, you paying 100% of the allowed unsecured claims/creditors, or you reaching your plan lifespan (generally between 36 and 60 months).

Do you know how much your unsecured debt was? If it was in fact less than $1,700, then perhaps that would mean that you would have paid 100% of your unsecured debt. Otherwise, as stated, the $1,700 just goes into the pool for unsecured creditors.

I am not paying anything to my unsecured creditors. I'm only paying for my truck and my attorney. My credit card debt was about $17,000 for all 3 cards.

[forgotten]

I am not paying anything to my unsecured creditors. I'm only paying for my truck and my attorney. My credit card debt was about $17,000 for all 3 cards.

Your base plan may not have allowed any money for unsecured creditors. However, the $1,700 is "extra" money and will be given to unsecured creditors. You only get out of the plan early if you pay $17,000 above what your plan calls for which would pay off all the unsecured creditors as well.

[Andyman]

Your base plan may not have allowed any money for unsecured creditors. However, the $1,700 is "extra" money and will be given to unsecured creditors. You only get out of the plan early if you pay $17,000 above what your plan calls for which would pay off all the unsecured creditors as well.

Wouldn't that show up on my bi-annual statements I get from the trustee? On all of my statements, it shows all my payments going to the truck and my attorney.

[jange]

It sounds like they are paying your secured 1st, the unsecured will get the remainder of the 60 payments.

[forgotten]

Wouldn't that show up on my bi-annual statements I get from the trustee? On all of my statements, it shows all my payments going to the truck and my attorney.

If you don't like our answers contact your attorney.

[justbroke]

Wouldn't that show up on my bi-annual statements I get from the trustee? On all of my statements, it shows all my payments going to the truck and my attorney.

You are apparently in what's known as a 0% plan. However, any money that comes in that is deemed "disposable monthly income" will, in fact, get distributed amongst the unsecured creditors. Most Trustees try to pay off the secured debts and attorney fees first, then worry about the unsecured creditors. So much so, that some Trustees wait until the VERY END to pay the unsecured creditors.

[Mayo]

I am in my final 6 months and I noticed that some of the unsecured creditors are just now starting to get payments. Go to the 13data center and it list amounts paid and owed. It would be nice to payoff a 13 early but to pay one off you must pay 100% payback.

[tn09]

My 13 included a $9500 car loan and a $3000 lawyer fee. I'm in a 60 month plan with payments of $310/month. I have mad 32 payments and one tax refund of about $1700.

Will the $1700 make my plan paid off earlier?

I had 3 credit cards that got nothing.

Thanks!

Andyman,

So under Ch13, any tax refund you get after you have filed will be kept by the trustee to be help pay creditors?

[rdmccaffrey]

Did those 3 card companies file claims? its my understanding, if they do not file a claim then they do not get anything. I'm in a 13, I had many cards that did not file a claim and I'm a good bit past the filing deadline for creditors.

The data center should show whether they have filed claim or not. Mine has zero amount by those and % of claim to be paid is zero.
I'm at 61 percent paid back on the ones that did file. I was in a 5 year plan but should be paid off at 100 percent to the creditors that did file claim in shortly over 2 years.

[Andyman]

Andyman,

So under Ch13, any tax refund you get after you have filed will be kept by the trustee to be help pay creditors?

Yes. I've had to give one tax refund to the trustee. The past two years I've applied the refund to my quarterly estimates as I'm self employed and have had no problems with doing that.

[Andyman]

Did those 3 card companies file claims? its my understanding, if they do not file a claim then they do not get anything. I'm in a 13, I had many cards that did not file a claim and I'm a good bit past the filing deadline for creditors.

The data center should show whether they have filed claim or not. Mine has zero amount by those and % of claim to be paid is zero.
I'm at 61 percent paid back on the ones that did file. I was in a 5 year plan but should be paid off at 100 percent to the creditors that did file claim in shortly over 2 years.

I finally was able to look at the data center and it looks like all three cc's did file claims but they have not received anything as of yet. I still owe about $2660 on the secured loan for my truck and owe about $380 to my attorney who is in my plan. I've made 33 payments in my plan of $310/month and one payment from the tax refund of $1673. At least I'm past half way!

[jmh]

I am in my final 6 months and I noticed that some of the unsecured creditors are just now starting to get payments. Go to the 13data center and it list amounts paid and owed. It would be nice to payoff a 13 early but to pay one off you must pay 100% payback.

This is the way it was explained to me, and I just paid off a 100% plan early. If you're repaying something less than 100% of the claims, and suddenly have more money available, the Trustee will likely take that as an indication that you have more disposable income. In turn they could require you to repay a higher percentage of your debt. It's critical that you talk to your attorney for advice before sending a penny more than your monthly payment.

Sorry if I'm repeating other responses in different words somewhat, just don't want to see you screw yourself.