Plan base figure doesn't match remaining claim balances.

[andy158]

We are only 8 months (17 payments) away from completing our 5 year plan. I was reviewing our current balances of claims in our plan. We have 1 secured debt still being paid; a car that was crammed down. The rest is unsecured debt. Here is what I discovered:

1.) Our plan base has a balance of $7,823 to be paid.

2.) The total remaining balances of secured/unsecured debt is $2,909. A difference of $4,914.

3.) The lawyer fees have all been paid.

4.) We are not in a 100% payback.

5.) We have only sent in an additional $310 that was part of a tax refund over our allowed $1,500.

6.) According to my calculations, We will have all claims paid off in 10 more payments or by March 2014. That is 4 months early from our scheduled completion date.

Will I continue payments and the unsecured get more until the plan base is actually paid in full?

[LadyInTheRed]

If your minimum commitment period was 60 months, then your plan continues for 60 months or until all allowed claims are paid.

If all filed claims are paid, your plan should end. But, never stop making payments until your attorney, the trustee or a court order tells you to stop.

Don't count on the claims information on 13datacenter (or the other site the trustees use) to be accurate. It is not a court record.

[andy158]

We are not in a 100% payback and we assumed that the payments would continue and the unsecured get more money until the plan ends. I first got the info off the NDC, but looking at our last statement from the trustee the figures still show us finishing 4 months early.

[LadyInTheRed]

We are not in a 100% payback and we assumed that the payments would continue and the unsecured get more money until the plan ends.

Based on clear language of the bankruptcy code, that is how it should happen. But, at least one BKforum member who was over median and did not pay 100% of claims had their plan end early. There was no good explanation. Don't count on it happening in your case.

I first got the info off the NDC, but looking at our last statement from the trustee the figures still show us finishing 4 months early.

But, are you basing that on the "plan base" or the total value of all claims filed? Look at PACER, not NDC, to be certain of what claims were filed.

6.) According to my calculations, We will have all claims paid off in 10 more payments or by March 2014. That is 4 months early from our scheduled completion date.

Will I continue payments and the unsecured get more until the plan base is actually paid in full?

Creditors will not get paid more than 100% of their approved claims (not sure if that's what you were asking). If you have to continue to make payments after all claims, attorneys fees and trustees fees are paid in full, you will get a refund after your plan ends and your trustee completes his audit. The plan base is usually pretty meaningless. It is an initial estimate of the total that would be paid in your plan based on the information in your petition, not necessarily on the claims actually filed.

[andy158]

Thanks for the feedback LITR. I was getting a little excited thinking we could finish a little earlier than expected. If we have to pay the whole 60 months, then so be it. That is what was expected.

[kmjatl]

Thanks for the feedback LITR. I was getting a little excited thinking we could finish a little earlier than expected. If we have to pay the whole 60 months, then so be it. That is what was expected.

In my case, the plan base was the sum of the 60 scheduled payments. It increased when I surrendered my tax refunds. So your plan base probably increased when you sent in the $310 tax refund.

I started out with a 32% to unsecured, 100% to secured and 100% to priority taxes.

After a few months in and a few creditors not making claims, my % to unsecured increased to 100%. So it is possible your trustee will increase your % to unsecured when all claims are paid off at your current percentage. So I would not count on being done early.

Does 4 months of payments equal at least 1% of your total unsecured claims?

From what I have read on here, it seems that every trustee has a different way of doing the same thing.

If you're really curious, ask your attorney.