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making payments but anxious


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Hello, I've had my plan confirmed and I've been making payments. I was fortunate to end up with an arrangement that is really easy for me to make ends meet. Now I'm actually getting anxious to pay this off already.

Some questions:

1) Can someone "gift" you a payoff of your ch 13?

2) After my plan was confirmed I sold my house and my lawyer told me I could use the proceeds to pay off the plan? Anyone know anyone who did this?

3) If all the creditors do not file a claim does my percentage payback to the remaining creditors go up or will I just end early?

Basically I'm looking for a way to end early that won't involve my paying more to creditors. I would just ask my lawyer but I've moved out of state and it's not easy getting him on the phone.

Also I thought about making a few extra payments here and there, anyone do this?


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It is my understanding that under the new law you can not pay off early unless you are paying 100% to creditors. Prior to the new law in Oct 2005 you could buy your way out of a CH 13 early. Now, if you pay extra $$ into the plan with extra payments, then the creditors get more money, it does not end your plan early.

The way the new law is written you have a "commitment period" and that period is determined at the beginning and confirmed (usually 36 to 60 months). You have to make your payments thru the commitment period and can not buy out early.

Please check multiple sources and check with your attorney to make sure you can 'buy out early' or not. If he says you can buy out early, have him show you cases in your district that were filed under the new law where the debtor was able to buy out early and receive a discharge. Check www.bkforum.com in the Ch 13 forum and read the stickies here in this BK forum.

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