If were were to say be in our chapter 13 for 2 years, and then I lose my job, and we convert to a 7, what happens to all those payments we made?
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Filed: October 1, 2007 341: December 10, 2007
CONFIRMED: December 10, 2007
Payment: $825 / Mo. for 5 Years-29 MONTHS OF Pmts Down 23 to go!
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From what I know, they're down the drain. The Trustee/Attorney/Creditors get to keep them.Filed Ch 7 - January 29th, 2008
341 - February 29th, 2008
Discharge - June 20th, 2008
Closed - October, 2008 -
Yep, those payments are essentially toast. Granted, depending on who gets paid, you get some reduction in your balance, but if you convert from a 13 to a 7, all that money you paid into the 13 is wasted. But, on the flip side, if you can get the 7, you don't have to pay any more money and your unsecured debt gets discharged.Comment
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Thank you both of you!
I just wondered in case I lose my job ( you never know if a recession comes ! )Filed: October 1, 2007 341: December 10, 2007
CONFIRMED: December 10, 2007
Payment: $825 / Mo. for 5 Years-29 MONTHS OF Pmts Down 23 to go!Comment
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