NDC.org Clarification

[mylife]

Hello,

Please provide me with the clarification on the numbers we should be looking at when trying to determine how much time we have left. I know the plan base is one but what other number?

Plan Base: $36,747.20
Total Paid Into Plan: $35,856.17
Total Paid to All Parties: $33,052.43
Total Paid to All Creditors: $30,585.10

My thought are it's the difference between the Plan Base and Total Paid Into Plan.

Thanks a Bunch!

[justbroke]

Do not read anything into the Plan Base amounts. That's a minimum and can actually, and usually does, change during the life of your Chapter 13.

If you are over-the-median and not in a 100% plan, the time left is the 60 - the number of months you have been in the plan. In an over-the-median case, the plan base really just means "minimum that you must pay". In these cases, the plan base is not a goal but a minimum achievement to receive a discharge.

If you are an under-the-median debtor and not in a 100% plan, then time left depends too much on your District. However, most districts seems to let these debtors out after meeting the plan base and at least 36 months has elapsed. However, the Debtor/Attorney may need to poke the Trustee to get out early.

Also, please remember that any surrender of income tax refunds can cause the plan base to increase (if you're not in a 100% plan).

[mylife]

Thanks justbroke. Our plan base did change with the surrender of our tax returns. I believe we are under the median as we are not paying back 100% of our debt. I also believe that we should be done sooner than 60 months (Jan '16) because we had mortgage arrears in the plan that was removed once we received a mortgage modification. I was hoping it could tell something from these numbers :-(.

[justbroke]

If you were in a 60-month plan, then it is likely that you were an over-the-median income filer. Typically, the Trustee will not let you out early if you meet the plan base in such cases. The BK code reads that you must pay 100% to get out early, but some courts interpret it differently. (If your mortgage arrears were significant, you may find that the amount paid to unsecured creditors has increased and could actually get you closer to 100%. That assumes that your plan was modified and you kept paying the same amount to the Trustee and the Trustee used the former arrearage amounts and just used it to pay the unsecured creditors.)

As such, I can only suggest that you contact your attorney or the Trustee's office (in that order).