Worried Posted June 13, 2007 Report Share Posted June 13, 2007 Can you please explain to me why we can not pay off the Trustee earlier then our scheduled payments?Thanks for all your advice! Link to comment Share on other sites More sharing options...
LadynRed Posted June 13, 2007 Report Share Posted June 13, 2007 I guess that depends on how long your plan is and what your payback percentage is. Per the law, the MINIMUM term for a Ch 13 is 36 months. The only way you can buy out early is to pay all unsecured creditors back at 100%. If you're in a plan for anything less you won't be allowed to get out early. Link to comment Share on other sites More sharing options...
momof5 Posted June 18, 2007 Report Share Posted June 18, 2007 Lady, is that part of the new BK law?I paid off my 5 yr plan in 2. Of course, this was special circumstances. I sued original BK atty and won. The money went to trustee, he changed plan from 0% to unsecured to 50%. He gave $18K to the atty who filed suit for me and gave me the $10K in change. Of course, this was in 2000. Link to comment Share on other sites More sharing options...
LadynRed Posted June 18, 2007 Report Share Posted June 18, 2007 No, it's not really part of the new law, the minimum plan has always been 3 years. Generally you can't buy out before that unless all creditors get 100% of what they're due.I'd say yours was a special circumstance. Link to comment Share on other sites More sharing options...
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