when you payback as example 25% to creditors, do they only receive 25% of the total that they filed? if only a few creditors file a claim will the plan only pay the 25% of that amount and will the plan end early?
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In answer to your first question, yes, they would only receive 25% of their claim.Originally posted by glc4122 View Post
However, if all creditors don't file claims, that typically means that the ones that did file a claim will get a larger percentage than the 25%. The only way the plan usually gets shortened is if you were in a 100% payback and everyone didn't file claims, then it could possibly end early. If you are less than 100% they usually don't shorten the time in the plan.
Hope this helps.Chapter 13 filed -8/12/04
Plan approved- 7/11/05
Date discharged--10-12-2007
Date closed- 12/6/2007:yes2::yes2: -
Also, if your tax refunds are withheld to distribute to creditors or if other funds are obtained during your Plan and taken by the trustee for creditors, that will up the amounts received by the creditors but will not affect your Plan payment. They receive those funds over and above._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"Comment
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oh, didn't think about that. My trustee was nice. Let us keep our refunds. If she had taken them, we would have been in a 100% rather than the 89% or so we ended up at.Originally posted by Flamingo View PostChapter 13 filed -8/12/04
Plan approved- 7/11/05
Date discharged--10-12-2007
Date closed- 12/6/2007:yes2::yes2:Comment
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