Plan Base Amount vs. Time

[coopersmydog]

I was just looking at my case on NDC and noticed something interesting.

According to the site I am going to meet my plan base in about 7 months (man that would be awesome...) but if I go strictly by months I still have about 13 left.

Which is the right way to look at when my plan ends?

[spidge]

More info would be needed.

Are you over median?

Are you in a 100 percent payback plan?

Did any of your originally listed creditors not make a claim?

Details, details?

[coopersmydog]

Over median - 5 year plan, not 100%, It looks like some smaller creditors didn't make claims, but the big ones did. If it matters I think I'm paying back about 55%.

[kornellred]

Your "plan base" is your confirmed monthly payment multiplied by the number of months in your Chapter 13 plan. It is not some theoretical amount you must reach in order to obtain a discharge of your dischargeable debts. Your plan base can be exceeded if the trustee requires forfeiture of federal income tax refunds, as just one example. The confirmed plan base amount can be modified up or down due to various motions presented to the bankruptcy court. The number of creditor claims is not connected to plan base, and the plan base is not modified due to a creditor not filing a proof of claim.

[coopersmydog]

Thanks,

So if I understand right I should expect to pay the full 5 years unless there are no changes in the plan base, in which case I might be only liable for that amount if deemed so by the trustee.

[spidge]

Over median, yes full five years regardless of plan base as it is less than 100 percent payback. Keep in mind that your trustee takes a bite of your payments so the balance that you may see only includes your creditors.

[kmjatl]

Over median - 5 year plan, not 100%, It looks like some smaller creditors didn't make claims, but the big ones did. If it matters I think I'm paying back about 55%.

Was the % Payback adjusted after claims were not filed? Due to creditors not filing claims, my % payback went from 32% to 100%.

My Plan base has had my tax refund amounts added to it, but I would think that only affects less than 100% payback plans.

I have 5-6 months until all claims are paid in full, but 29 months left in the plan (60 month plan)

[dmc-2008]

Wow if you are in 100% plan then you will be done early! Lucky!!!!

[chp13]

I'm in the same boat. I'm 2.5 yrs into a 5 yr, 59% pay back plan. Trustee takes my tax returns, which have been approximately $2,500. Doing the math, I'll meet the 59% at 4.5 yrs from the start of my plan. My attorney told me that if I'm lucky I'll get discharged at the time the 59% is satisfied due to the court dropping the ball and making a mistake, which he has seen happen occasionally. If not then I'll have to continue paying into my plan until the 5th yr.

I'm hoping for the first, early discharge. Haha

[kornellred]

I am surprised that, in cases where the trustee requires debtors to surrender Federal Income Tax refunds in whole or in part, there is no language in the Chapter 13 Confirmation Of Plan document explaining the effect it has on the indicated plan base amount.
As I mentioned in another post, my trustee, who did not require the surrender of tax refunds in my case (I always owe anyway), returned the amount of money in my account which was in excess of the plan base amount. My plan base amount was exactly equal to the monthly payment multiplied by the number of months specified in my plan. Although the payback percentage to unsecured creditors is irrelevant unless a debtor is paying back a full one hundred percent - my payback percentage was 16% of what I owed to unsecured creditors. And I got back every cent of overage from the trustee.

There must be a reason why the trustee returned the overage (which was simply an extra payment because of timing issues) to me, but I do not know what it is.