Quote:
Originally Posted by oldrocker View Post
"You can buyout after December 1, 2008 for the amount due under the plan. If you are not certain as to the exact amount you can call xxxx(name of paralegal) or I. Upon payment you will then have to affirm that you do not owe on any domestic support obligations after which time you will receive a discharge."
After Dec 1st would mean after my 6th payment. He had told me earlier that if I filed in the next district over there was no early buy out. So apparantly like most everything else in bk its going to depend on what district you're in.
Flamingo wrote;
OldRocker - the first paragraph you quote above was in an email from your attorney - I deleted part of your posting to not take up too much space. I think what your attorney means is that you will be able to buy out early (i.e., "for the amount due under the plan") as meaning your plan at 100% minus what you have already paid in. It appears you have to wait six months for that option in your district. I don't know how two districts next to each other would not follow the same BK law. Something is not right there or your attorney is incorrect as BK law is BK law. Trustees, states and districts vary as to their requirements and exemptions under the BK law but they can't make their own BK laws or variations thereof. With what has been posted as to the new law, it appears clear that you cannot buy out prior to 36 months unless payback is 100%, minus what has been paid into the plan. Until someone actually buys out early and posts their location and situation on here, no one knows what will occur. The 36 month mark for new law Chapter 13 filings is this October. No one yet under the new law has come on here as to any steps or advice being given them as to buying out early in a five year plan if they filed in October 2005.
To keep from futher hijacking 00redlrod's thread I'm starting a new one. You have suggested my lawyer maybe doesn't know bk law; he has filed over 2200 bk cases, he knows my district's trustees and court rulings better than you or I. I can buy out of my plan after 6 months for the confirmed plans payout, $27000 in my case on $94000 of filed debt. My district (Eastern district NC) interprets applicable commitment period as a multiplier and not as a min term length.
And since my means test shows a negative disposable income (not scedule I & J but means test) the court has decided that I can pay off my plan early without unsecured creditors getting anything more than the confirmed plan has for them.
Does this help me out any? Not unless I hit the lottery
. But I can pay off early for my plan amount.
Originally Posted by oldrocker View Post
"You can buyout after December 1, 2008 for the amount due under the plan. If you are not certain as to the exact amount you can call xxxx(name of paralegal) or I. Upon payment you will then have to affirm that you do not owe on any domestic support obligations after which time you will receive a discharge."
After Dec 1st would mean after my 6th payment. He had told me earlier that if I filed in the next district over there was no early buy out. So apparantly like most everything else in bk its going to depend on what district you're in.
Flamingo wrote;
OldRocker - the first paragraph you quote above was in an email from your attorney - I deleted part of your posting to not take up too much space. I think what your attorney means is that you will be able to buy out early (i.e., "for the amount due under the plan") as meaning your plan at 100% minus what you have already paid in. It appears you have to wait six months for that option in your district. I don't know how two districts next to each other would not follow the same BK law. Something is not right there or your attorney is incorrect as BK law is BK law. Trustees, states and districts vary as to their requirements and exemptions under the BK law but they can't make their own BK laws or variations thereof. With what has been posted as to the new law, it appears clear that you cannot buy out prior to 36 months unless payback is 100%, minus what has been paid into the plan. Until someone actually buys out early and posts their location and situation on here, no one knows what will occur. The 36 month mark for new law Chapter 13 filings is this October. No one yet under the new law has come on here as to any steps or advice being given them as to buying out early in a five year plan if they filed in October 2005.
To keep from futher hijacking 00redlrod's thread I'm starting a new one. You have suggested my lawyer maybe doesn't know bk law; he has filed over 2200 bk cases, he knows my district's trustees and court rulings better than you or I. I can buy out of my plan after 6 months for the confirmed plans payout, $27000 in my case on $94000 of filed debt. My district (Eastern district NC) interprets applicable commitment period as a multiplier and not as a min term length.
And since my means test shows a negative disposable income (not scedule I & J but means test) the court has decided that I can pay off my plan early without unsecured creditors getting anything more than the confirmed plan has for them.
Does this help me out any? Not unless I hit the lottery
. But I can pay off early for my plan amount.