Principle Balance LOTS Lower Than Remaining Payments

[nascarsse]

I was wondering if someone could help clarify this for me -

Currently we are in the 36 month window of a 60 month plan with a 13% pay back. Based on the amount that I pay each week I will have the principal balance of all of my claims paid in full the next few weeks. They attorney fees are paid in full as well.

My question is this-
Once the principal balance is ZERO on all of the claims, what happens with the remainder of my payments? I will theoretically have about 20 months of payments yet to make to complete the plan based on the original numbers, yet all of the claims are paid in full including the attorney and trustee. These payments are deducted weekly from my salary.

Will a discharge come sooner than 60 months, or will more money be sent to the creditors? If the allowed claim is indeed the allowed claim I would think that an early discharge is possible, or is this just wishful thinking?

I have done numerous searches without a definite answer. Any help is greatly appreciated.

[kornellred]

The answer is simple. If you have paid all of the claims filed in a Chapter 13 in full before the expiration of the payment term, you will receive a discharge. Obviously, not all of your creditors filed a claim. That was their mistake, not yours. The un-filed claims amounts will be discharged. Your situation does not happen very often.

[nascarsse]

The answer is simple. If you have paid all of the claims filed in a Chapter 13 in full before the expiration of the payment term, you will receive a discharge. Obviously, not all of your creditors filed a claim. That was their mistake, not yours. The un-filed claims amounts will be discharged. Your situation does not happen very often.

So this is good news! What happens next? Should i be patient and let it work its self out, or should I contact my attorney to expedite the process?

Thanks again for the help

[kornellred]

Contacting your attorney is pretty much a bottom-line requirement in all matters within a Chapter 13 plan. All trustees advise debtors to first seek the advice of their attorneys.

You do not owe more than the total claims amount in a Chapter 13 bankruptcy (trustee fees and any attorney fees notwithstanding) no matter what the circumstances.

[nascarsse]

Contacting your attorney is pretty much a bottom-line requirement in all matters within a Chapter 13 plan. All trustees advise debtors to first seek the advice of their attorneys.

You do not owe more than the total claims amount in a Chapter 13 bankruptcy (trustee fees and any attorney fees notwithstanding) no matter what the circumstances.

Thanks again. I am beside myself thinking this is all coming to an end this soon. I guess once all of the balances hit ZERO I will contact the attorney and get the wheels in motion.