Claims

[Party-5C'S]

Hey , I Was Just Looking On The Ndc And Some Of The Creditors Did Not Claim Anything Does That Mean I Do Not Have To Pay Them?i Also Found That The Company That Holds The Note To My Van Is On There 2x's With 2 Different Amounts...why Can They Claim Twice?

[arkienurse]

Also Found That The Company That Holds The Note To My Van Is On There 2x's With 2 Different Amounts...why Can They Claim Twice?

Maybe I can help with this one- are you upside down on your van loan? We were. So Usa bank has a secured claim for the amount that our van was actually worth at the time we filed. And an unsecured claim for the difference. If this is your case and you are not paying 100% to unsecured claims, they will only get a percentage of the unsecured claim.

[13inOR]

You are probably looking at the secured and unsecured amounts on your vehicle. The lienholders on my cars showed the same thing. One amount is what the vehicle is actually valued at , and the other amount is the total you owe minus the actual value.
For example, if you owe 4,000 on your car, but its only worth $1000, then the $1000 is the secured amount, and the remaining $3000 is the unsecured amount for a total of $4000.
If you are only paying a percentage on your unsecured debt, then thats based on the "secured" amount only. I believe thats how it works, in my
experience anyway.

I am not sure what happens if some creditors dont come forward, when I asked my attorney if it meant they couldnt collect, she said "not necessarily"
so I think there is more to it, and possible a time frame.

[Minnymouth]

A secured creditor is guaranteed funds if you have assets to sell................ and unsecured creditor can file a claim and get paid a percentage of what is owed if assets are available. A lot of secured assets are secured by land/home or personal property.

The trustee is looking for creditors who wish to object to your case being discharged and their reasons why..... these creditors must file an objection within 60 days of the 341 meeting.

If a creditor does not come forward, flies no claim, then the debt is discharged in bankruptcy and the creditor can never again try to collect the debt from you.

[JoyD]

I'm still in my first year of a 60-month plan. Several of my creditors never filed. The difference in the amount I put down initially and amount claimed by creditors is somewhere around $10,000. I know the payments I make are based upon the amount I gave them. Will they decrease my payment or # of months I have to pay or do I keep paying as scheduled and just get a big refund in the end?

[aa06a47]

I'm still in my first year of a 60-month plan. Several of my creditors never filed. The difference in the amount I put down initially and amount claimed by creditors is somewhere around $10,000. I know the payments I make are based upon the amount I gave them. Will they decrease my payment or # of months I have to pay or do I keep paying as scheduled and just get a big refund in the end?

Was your plan paying 100% back to creditors when proposed? If the creditors didn't file a claim and proof of claim, they will probably not get any money at all. I am sure you will be required to make either a) all 60 payments or b) until the point when all creditors that filed a claim are paid off 100%. If b happens before you make all 60 payments, you'll probably get a refund.

Only 1/2 of my creditors have filed a proof of claim so far, (they still have 60 days to do so though). Enough has filed so far that I'm stuck for 60 months.

[JoyD]

I'm paying 100%. The creditors had until this past December to file a claim and only about half did. At the amount I'm paying now I'll have everyone that sent in a claim paid in 26 months. I hope that's the way it works.

[aa06a47]

I am not 100% sure if that is how it works, but have a feeling if they didn't file a claim and a proof of claim, they are probably SOL, and your probably very lucky.