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quick question


Apol
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Had our 341 meeting today. Trustee went over my one secured loan (vehicle) and said two unsecured creditors had filed a claim. Just 2 out of 20! Now, I know the other creditors still have like 90 days to file their claim but if they dont...how can my payment remain the same for 60 months when I am only paying 3 people?

I asked the attorney present for my case and she was clueless and said she would find out and call me back today...she didnt.

Thanks

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If you can pay off all 3 of them in less than 60 months then you'll just be discharged early. If the plan was calculated to pay all 20 creditors at less than 100%, then those that DO file a claim will probably shift to getting paid at 100% or at least some higher percentage.

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If you can pay off all 3 of them in less than 60 months then you'll just be discharged early. If the plan was calculated to pay all 20 creditors at less than 100%, then those that DO file a claim will probably shift to getting paid at 100% or at least some higher percentage.

Yes, the plan was, the unsecured gets paid everything they are owed and the other only get 25%. Since only two filed a claim thus far, they would get 100%. What you said about it being discharged early makes sense but thats not what the lawyer said. She told me I would still pay for the entire 60 months.

She never did call me back either...guess its time for a phone call to her Monday morning.

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The MINIMUM term for a Ch 13 is 36 months. If you were to be in a 5 year plan and only paying 3 creditors, it would make NO sense to make you keep paying beyond paying them everything they're owed, that would be extortion.

Secured creditors always get paid at 100%, unsecured gets what's left. In your case, if you wind up with only 2 unsecured creditors, then paying for 5 years would be ridiculous if you can pay them ALL off in 3 - or less.

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