What exactly is the " balance on hand" on my trustees website for my chapter 13 plan. According to trustee website my base amount and total paid in are the same. If everyone has been paid their amount, how come I have 385.12 dollars in my balance on hand.
-
-
usually you always carry a balance on hand; the trustee doesnt wipe the account to zero. I'm not sure why exactly but we've always shown a balance on hand as well. From what I remember that our laywer told us, I believe it may have to do with the way the trustee pays each debt; while it all may be pro-rata - some of the payments are more $ than others, resulting in a balance hold. Our trustee never pays every creditor each month, but pays our 2nd first, then if anything is left, he pays something else plus his fee.
In the end - all of the listed creditors will get their % just the same by the end of our plan. -
Thanks, We have finally reached the end of a five year plan. All creditors are paid in full and now just waiting on the final process of discharge. So if there is a balance on hand and everyone is paid in full. The remaining amount on hand will be returned to us? We can we expect the discharge to start and end.Comment
-
Yep, should be returned to you once your case is closed out
The discharge time varies; some trustee's complete the audit w/in a few months, while others take longer. really just depends on the trustee, but its something you can ask your lawyer.
Congrats on completing your plan!Comment
Comment