I noticed today on my trustee's website that there is a creditor listed "Midland Funding LLC" and the caption next to it reads "objection", what does this mean? We are 43 months into our 60 month Chapter 13 and was just wondering what this could mean? Trustee has been sending payments to this creditor! Thanks for any help!
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Date filed: 06/24/2009
341 Meeting: 07/27/2009
Plan confirmed: 10/14/2009
$340.00 per month @ 60 months
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Midland is one of several "junk debt buyers" (JDBs) that purchase Chapter 13 debt from original creditors! The others are LVNV Funding, eCast Settlement, B-Real, B-Line, and RoundUp Funding LLC. These creditors are opportunists that purchase the debt for far less than you could imagine; pennies on the dollar doesn't do it justice! (They buy them in bulk.) They "hope" to get something in the Chapter 13 and that is where they make money.
As to whether this is an allowed claim, I can't tell you. The only way to know is if your attorney objected to the claim and the objection was sustained. If the Trustee is paying the creditor, then it may have had an objection, but it was never sustained.
In the grand scheme of things, it really doesn't matter to you, personally, and your pending discharge (once you complete the Plan).Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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