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100% payback many proof of claims not coming in.

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  • 100% payback many proof of claims not coming in.

    Sorry if this topic has been beat to death-I didn't want to hijack someone else's thread. I am in 100% payback due to income. Plan was confirmed for 60 months payback 2 weeks ago, filed 2.5 months ago. Only about 40% of my unsecured creditors have filed a proof of claim so far and the deadline is about 1.5 months away. From all of your experiences, have creditors filed claims this late in the game? Seems if I was a creditor, I'd want to file a claim ASAP. If they don't file in time-they won't get paid (unless they petition)-simple as that? And plan will be paid off early? These are all unsecured, non-priority. Thanks in advance for any feedback.

  • #2
    It is not unusual for creditors to wait to the last minute. If the creditor misses the deadline - oh well. You snooze, you lose. Your Plan can end early depending upon how many creditors miss the deadline.

    Des.

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    • #3
      I was in the same situation with a 100% plan. I noticed there were quite a few that never filed claims at all.. Not sure why but my attorney said its not uncommon at all.
      Chapter 13 Filed Feb 2010, Confirmed May 2010
      Last payment made Dec 2014, Awaiting discharge

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      • #4
        Thanks guys. I'm going in assuming/expecting all will file a claim; but after checking NDC and getting updates from my attorney; it's hard to not think about the possibly of having the plan paid off early. Especially since the payment is so high.

        Anyone have any situations where the original plan was 60 months and got a significant reduction due to claims not being filed-how much sooner did/will you have the plan complete?

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        • #5
          I had significant claims file the last day. I would not count on this happening. If it does happen, modify your plan to deal with the amount of allowed claims and go from there.
          Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
          Status: (Auto) Discharged and Closed! 5/10
          Visit My BKForum Blog: justbroke's Blog


          I am not an attorney. Any advice provided is not legal advice.

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          • #6
            Originally posted by justbroke View Post
            I had significant claims file the last day. I would not count on this happening. If it does happen, modify your plan to deal with the amount of allowed claims and go from there.

            My fingers are crossed hoping they will not all file on the last day! The ones that haven't filed are the out of state super high interest loans. They have sent me letters in the past to try to settle the debt for like 50% of the balance due, that's what surprises me that they haven't filed a claim yet.

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            • #7
              Typically, the late filers are those that sell the debt to companies like eCast Settlement, B-Real, B-Line, LVNV Funding and other "junk debt buyers". In fact, the sale of debt to JDBs is very prevalent in Chapter 13s. You would think the original creditor would file, but very few of my original creditors filed in my Chapter 13. I had nearly 60 creditors file and 50 of them were from the list above, not including Jefferson Capital Systems and several other JDBs.
              Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
              Status: (Auto) Discharged and Closed! 5/10
              Visit My BKForum Blog: justbroke's Blog


              I am not an attorney. Any advice provided is not legal advice.

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              • #8
                Wow- good to know. Thanks. If you had 60 file claims, how many creditors did not file (approx. what % of the planned payback did you actually have to do-if not 100%)?

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                • #9
                  I was in a 0.2% plan. The majority of my $4,700/month payment for the first few months then jumped to $5,200 a month for months 4 through 60. (It later jumped to over $7K and that pushed me to convert to a Chapter 7 and be done. I qualified for Chapter 7 to start, but I wanted to save property.)

                  If I'm recalling correctly, I had two major creditors (of which one was Citibank) that did not file on about $20K in debt. That was out of $160K in unsecured debt. Almost every single one of the other creditors sold their debt to a junk debt buyer. Again, this is very typical.
                  Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
                  Status: (Auto) Discharged and Closed! 5/10
                  Visit My BKForum Blog: justbroke's Blog


                  I am not an attorney. Any advice provided is not legal advice.

                  Comment


                  • #10
                    The deadline for creditors to file claims in my case was 10/6. Bank of America filed a claim for credit card debt on 6/24. It then sold the debt to PRA Receivables who filed a claim on 9/23 to replace BoA's claim. AT&T and Chase both sold my credit card debt to ECast who filed claims on both debts on 8/4. Capital One is the only creditor who did not file a claim. I owed them about $5,000 while the other cards had balances over $10,000 and as much as $20,000. It didn't really matter to me who filed claims because I am paying less than 1% anyway. Most of that will go to the $88k 2nd mortgage being stripped. My secured creditors, the 2 mortgages and a car loan, filed earlier than the unsecured creditors. The 2nd mortgage was amended to unsecured after the lien strip was approved.

                    Keep in mind that the people who are filing the proofs of claim probably have hundred's of cases sitting on their desk. They file each claim when they get to it and track deadlines to make sure they aren't missed. The have no reason to get a proof of claim filed before the deadline. They are just plugging away at their workload. Some creditors probably have some criteria to decide some debts aren't worth the cost of paying somebody to file a claim. I also suspect that JDBs aren't always on the ball enough to get a proof of claim filed before the deadline.
                    LadyInTheRed is in the black!
                    Filed Chap 13 April 2010. Discharged May 2015.
                    $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

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                    • #11
                      Thanks for the info! I do have multiple Capital One Accounts and have yet to see any claims from them yet. Like I stated, I'm expecting all of them to file; but life would be much better if they didn't. I don't have any property involved and most of the debt is unsecured with exception to a priority debt. A lot of the unsecured debt range from $1k to 8k; hopefully they are too insignificant to pursue for some creditors.

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                      • #12
                        Quicke, the same thing happened with my 13 and my creditors had six months to file POCs, here's a breakdown from a thread I posted this summer:

                        Total unsecured debt in the petition: $127K
                        Total unsecured debt for which proofs of claim were filed: $64K (50% of the total)
                        Total unsecured debt for which proofs of claim were filed by original creditors: $23K (about 1/3 of the 64K)
                        Total unsecured debt for which proofs of claim were filed by third parties (i.e., debt buyers) $41K (about 2/3 of the 64K)

                        Chase held the most of my unsecured debt (around 50K over four credit cards between my wife and I -we jointly filed) and not one POC filed by them. BOA also held, the remainder of the 64 K above was BOA on credit cards and LOCs. I found that lack of POCs shocking too, but i recently realized that the draw period of my HELOC (I was not able to strip it) will expire in year 3 of my Ch 13 plan and I will have to pay interest and principal over a five year period (unless i can get a mod or refi), and it will be a steep payment. These creditors figured, if they took the time to analyze everything, that between the number of unsecureds I have, the amount of priority debt in arrearage and the upcoming draw expiration, they are not going to get much back from me and didn't file POCs as a result.

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                        • #13
                          Originally posted by switch625 View Post
                          Quicke, the same thing happened with my 13 and my creditors had six months to file POCs, here's a breakdown from a thread I posted this summer:

                          Total unsecured debt in the petition: $127K
                          Total unsecured debt for which proofs of claim were filed: $64K (50% of the total)
                          Total unsecured debt for which proofs of claim were filed by original creditors: $23K (about 1/3 of the 64K)
                          Total unsecured debt for which proofs of claim were filed by third parties (i.e., debt buyers) $41K (about 2/3 of the 64K)

                          Chase held the most of my unsecured debt (around 50K over four credit cards between my wife and I -we jointly filed) and not one POC filed by them. BOA also held, the remainder of the 64 K above was BOA on credit cards and LOCs. I found that lack of POCs shocking too, but i recently realized that the draw period of my HELOC (I was not able to strip it) will expire in year 3 of my Ch 13 plan and I will have to pay interest and principal over a five year period (unless i can get a mod or refi), and it will be a steep payment. These creditors figured, if they took the time to analyze everything, that between the number of unsecureds I have, the amount of priority debt in arrearage and the upcoming draw expiration, they are not going to get much back from me and didn't file POCs as a result.

                          Thanks for sharing Switch! My total planned is similar to where your unsecured was. I have a priority with the IRS for 15% of the total. Most of the so far unclaimed are from smaller installment loan sources ($1k to $8k). Hoping they feel it's not worth their time and write it off or they get sold to collectors too late. 46 days remain to file for non-priority/non-government.

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