If I have a car loan that is secured and being paid outside the plan what will happen when the loan is paid off in the middle of my Chapter 13 plan? Will we have to start putting that money toward our plan?
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We had the same situation, and yes we then had to start contributing that amount to our plan once our car was paid off. However, that was all discussed at our 341 meeting with our trustee. Our car was paid off within the first 6 months of our plan and I am assuming that is why our trustee noticed it.
We paid 6 months at a lower rate and then our plan went up.
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Originally posted by denise07 View PostWe filed back in October of 2005 and have not even been confirmed yet. My car will be paid off at the end of April in 2007. I was wondering if we had to report it to the trustee once it is paid off.Date Filed: 12/19/2004
341 Meeting: 2/8/2005
Date Case Confirmed: 7/12/2005
Closed on Refinance/Chapter 13 Buyout 8/23/06
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Originally posted by denise07 View PostWe filed back in October of 2005 and have not even been confirmed yet. My car will be paid off at the end of April in 2007. I was wondering if we had to report it to the trustee once it is paid off.
Brett Weiss
Maryland, DC and Federal bars
Member, National Association of Consumer Bankruptcy Attorneys
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I have a 401k loan that will be paid off in the 3rd year of the plan, and since this was all dilvulged prior to confirmation and the trustee never said anything about increasing my payment in the 3rd year, I do not plan on bringing it back up.Last edited by aa06a47; 09-05-2006, 03:57 AM.Chapter 13 Filed 4/03/06 :blink: 341 Meeting Complete 5/11/06 :yes2:
Plan Confirmation 6/16/06 :yahoo:
Discharged: 1/5/2010 :yahoo::yahoo::yahoo::yahoo:
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