At the risk of jinxing myself...

[13for60]

OK all - I'm running this up a flagpole to see what knowledge anyone might have with this situation.

Filed CH13 10/2010. Just made payment 27 out of 60 (per plan). Using 13DataCenter (I love to see the ledger amounts go down), I noticed last month that I only owe like $500 on my unsecrued claims. I was thining - wishfully - that I should be able to pay it off from savings and concentrate on the secured claims and whip this thing out faster than 60 months. Dreams are free, right..?

So I just checked February's Data Center (expecting amounts to be down my pennies) an lo and behold ALL the unsecured amounts reflect a zero balance. I was in an eight percent pay back plan, and now that eight percent has been paid, or so it seems.

I owe just over $26k in secured creditor payments and my payment is just under $2500 each month. Am I crazy or am I seriously looking at like one year left..? That would put me at approximately 38 or 39 months out of 60.

Hit me with the tough love, people. Do I continue to pay $2500 for the entire 60 months and the TT dishes out as necessary to give the creditors more $$ than they agreed to with my plan..? Or do I get an early discharge..?

Just sayin' - karma does owe me one serious break. This would be a great one.

Thanks in advance for any insight on this.

--13for60

[LadyInTheRed]

If you have only paid 8% of unsecured claims and your income was above median when you filed, you cannot complete your plan early. The 8% was an informational number and can change.

13datacenter is not a reliable way to determine what payments are still due to creditors.

If your income was below median and you are in a 60 month plan because you needed that much time to pay the secured creditors, you may be able to finish your plan early by paying of the secured debt. Ask your attorney.

There are a couple people who have reported their plans ending early when they hadn't paid 100% of unsecured claims. The most recent said his attorney didn't even understand why. So, I'm not going to say it is impossible for your plan to end early. But, it is very unlikely. Don't count on it.

In any case, don't stop making your plan payment unless your attorney or trustee tell you it is okay to stop.

[13for60]

Thanks for the advice, Lady. We're in for the duration, whatever it turns out to be. It's hard not to get excited, you know..?

--13for60

[kornellred]

Something does not make sense when reading your numbers. I know you mentioned that your payment is "just under" $2500 per month. At 60 months, this means you will be paying back $150,000 if you go with the $2500 figure.
Then you say that you owe "just over" $26K in secured payments. If you have 33 payments to go at $2500 each, it will only take 10 more months or so to finish off the remaining secured debt.
Now, if your remaining balance on unsecured claims is a mere $500, then why in heaven's name is your payment so high? There's some voodoo mathematics going on here, or I am losing my mind.

[13for60]

I just made my 27th payment and all the unsecured stuff shows a zero balance on 13datacenter. I waqs just remarking last month with a chuckle how insalely low by unsecured balance was.

The $26k is the current balance for my secured items. It's like 12 months left to pay it off. My originial secured balance was around $55k.

The bottom line - as we all know in a CH13 - they figure out what you can pay and there you go for 60 month and they figure out what the unsecured creditors get as an afterthought. $2500 hurts, for sure. My head is just kind of spinning - my calculations see me at zreo balance in 38 payments. I'm guessing I just keep my head low and see what happens.

--13for60

[LadyInTheRed]

13for60, do you know the total of unsecured claims that were filed? Check Pacer for this, not 13datacenter.

[13for60]

In the $200k range. I'm guessing, but it's in the neighborhood. I don't have the numbers in fromt of me.

It's embarrassing - I've already run the emotional range for it. My mom died, my dad was in huge debt, I tried to help and it blew up in my face. Yay me. I thought we'd find a place where we'd to make it work - I really tried, but we reach a place when we're spinning our wheels. There was no end in sight. I was current with everything when I filed.

Blah, blah, blah - everyone has the same story pretty much. I'm a competitive person and generally don't fail. This was huge.

I've pretty much decided to keep my head down and fly under the radar. I will do the honest thing when the time comes and ask what the deal is. I will always pay - we'll see what happens. I agreed for 60 months and I will do 60. If they let me off early for some reason, I'll chalk it up to karma. I have read about early discharges, I was wondering if the BK gurus here had knowledge of anything like this.

BTW - thsi forum provided a lot of comfort and understanding when I was circling the drain. I love this place. Thank you all very much.

--13for60

[spidge]

I'm with you on the math that likely came from a schedule the attorney and trustee used where you and I may not have understood it.

My 60 month plan looks to pay off in less than 40 months at 3% payback, and I have wondered the same thing. My plan is to do the same. Make the payments until the trustee tells me to stop.

Fingers crossed for an early notice though.