Chapter 13 100% failure to file POC

[Poohpig]

I got confirmed this week for a chapter 13 100% plan. One of my credit cards did not file a POC for 25k taking my total from 75k to 50k right?
does that affect my monthly payment amount at all?
thanks!

[justbroke]

Welcome to BKForum.

Your payments should be $75,000/60 or $50,000/60 (if you're in a 60 month plan). So that's about $833 to $1,166/month for a 100% plan. That does not include the Trustee's fee (10%), attorney in-plan fees, monitoring fees, or any secured debt being paid through the plan.

Bottom line is that you'd have to ask your attorney whether your payment will change. They will likely say not to adjust the payment so that you are done quicker. It's up to you to fight the issue over the payment of $833 or $1,166 to the unsecured creditors. The difference is just over $400/month. Would you rather be done quicker or have/need that $400/month?

[Poohpig]

Thanks!

[JellyBeany]

In my case there were several creditors who didn't file PoC. I am also in a 100% plan. In our case we had to file paperwork through our attorney with the Trustee in order to modify the plan. There was, of course, a fee associated with such filing (attorney fee). It dropped our monthly payment by a substantial amount, so in our case we felt it was worth it.

If you want to adjust your payment to reflect the updated amount from the PoCs, you definitely want to do this through your attorney. Don't just make a lower payment without going through channels.

[womanonfire]

I think I'd try to lower payment and start building a savings for emergencies and what not. I personally don't see much of a problem with staying in Chapter 13 longer if I am able to save. Not interested in new cars, credit cards, just becoming minimalist and building equity and investments.