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Does one Creditor know about the other Creditor in a 13?

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    Does one Creditor know about the other Creditor in a 13?

    When everything gets sent out to the creditors, does one know about the other?
    I guess what I am asking is, do the unsecureds (credit cards) KNOW that the IRS is getting ALL of their money first and that they will get nothing?
    When I do my rough figures, after the trustee, the attorney, the car and the IRS, the amount left for 19 credit cards over a 5 year period is.............are you ready for this........EIGHTY CENTS...............

    #2
    When you file, each creditor listed gets a notification of your filing with your filing number, and other information for them to file a claim. With that filing number they can easily obtain all the information they want about your filing (public information) and creditors in your bankruptcy will also show as such on your credit reports within a few days to a few weeks of your filing date.
    _________________________________________
    Filed 5 Year Chapter 13: April 2002
    Early Buy-Out: April 2006
    Discharge: August 2006

    "A credit card is a snake in your pocket"

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      #3
      It's not too difficult to run the numbers if you want to take the time to do it. You know who is going to get paid first, and you know who is going to get paid last, if at all.

      Look at the $$$ paid into the plan every month vs. the creditors like the irs, etc. and you get a pretty good picture of what's going to happen if you finish your plan.

      Once your plan is finished, there will be a trustee final report listing everything and everybody that received payment, so the answer to your question is:

      Yes, everyone knows.
      All information contained in this post is for informational and amusement purposes only.
      Bankruptcy is a process, not an event.......

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        #4
        Yes, they all know, or have the capability to find out about your finances and you plan.
        I don't think it matters much how they handle things. It's simple enough to file a proof of claim.
        It might impact their desire to sell off a credit card debt to a JDB if they sense there will be no recovery.
        In my ch13 I still have one or two OC's doggedly clinging to their claims (e.g. Discover and FIA Card Services (the old MBNA or Bank of America)).
        But the vast majority of my credit cards have sold off to JDB's.
        Makes no difference to me or my plan, just rearranging deck chairs on the Titanic.
        filed chapter 13..confirmed...converted to chapter 7...DISCHARGED!

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