buying out

[Peevee]

I'm in a 60 month plan under the old law. I filed December 16 2004 and the 3 year mark is coming up. I am going to try and buy out.
Should I start the process as soon as the 16 th gets here or should I wait till the first of the year. I am at a 51% payback. So what's the chances of them upping my percentage when I try and buy out? I guess I'm getting anxious but I can't wait to get out.

[chpxiii]

This is what I would do:

I would call now and ask if I could do a pay off after I've made my payment on the 16th, which would mark 3 years. If they say yes, then I would make my payment for the 16th. Wait about a week and then call the trustee's office. Ask what your pay off amount is.

If you filed with a lawyer, call your lawyer's office and tell them you want to request a pay off amount from the trustee. They'll fax the trustee's office a request for a pay off. The trustee's office will send you a pay off amount letter and a copy to your lawyer's office. It will be have a date by when you need to send the money in.

I paid off 9 months early.

Your lawyer's office *MIGHT* ask you where you are getting the money from. The paralegal at my lawyer's office did. I asked her why she needed to know. She said the trustee *might* ask where I am getting the money from to pay off my chapter 13. I told her savings, which was true. (I also didn't want them to know that I make a considerable amount more money - I didn't want them to up my 0% pay off.) If you're borrowing money to pay off your chapter 13 plan, you'll need permission from the courts first to take out a loan - since you are still in bankruptcy.

Good luck! Let us know what happens.