OK, you guys have been a great source. Any idea whether payments made under a 13 would be applied to any amount due upon conversion to a 7 (old law applies)? I had assets in excess of exemptions in the amount of $2,600 on the file date but have made chapter 13 payments far in excess of that amount. Would those payments then apply against that $2,600 excess?
-
-
I don't know the answer to your question, but I do know some stuff you have to consider.
Out of the payments you've made, the final portion of you attny's fee was paid. That's right off the top, before any creditors ever saw a penny. So attnys here have told me.
Also, there's a monthly administration %'age that goes straight to the Trustee. That's 8.5% here. You'd have to check your state and District to find that.
So, whatever the total of your payments is, you automatically have to deduct the attny's portion, and the Admin fee, to see what's left that actually got paid to Creditors. If any Priority type payments were included in your plan, those would have to be deducted as well. Unless it's a house or car that you'd plan to surrender anyway.
Whether or not that $$ amount that's left will apply the way you hope, I don't know. Maybe someone else with more knowledge will chime in on that part.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...
Comment