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Slight confusion about my case

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    Slight confusion about my case

    My last day for creditors to file has come and gone. There were 2 that did not.
    I thought that may put me in position to get things done in less than 60 months.

    I am puzzled that my entire mortgage balance is listed as a secured debt, and not just the arrears. FWIW, my mortgage statement now shows the amount of arrears, and how much has been paid.

    I do not know if this will allow me to get done early, because I will not be paying off the loan through my plan. I am paying the mortgage separate from the plan, and the plan is taking care of the arrears.

    Another point of my curiosity concerns both the IRS and Oregon DOR. They list an amount as priority debt, but are claiming a higher total. While I see the extra as fees and interest, will they collect the additional amount before any unsecured creditors begin to get paid?

    My hope was to get done with payments (pay everyone back) before 60 months, but there is no way with that mortgage balance on there!
    These are not causing a personal crisis for me, just questions on things I do not know.

    It may sound silly, but this whole process is changing my life for the better. I ended up in BK because of gambling every penny I could put my hands on.
    The BK prompted me to get into counseling for gambling disorder and budgeting my income. It helped me make the decision to turn away from gambling and alcohol consumption. It is a daily struggle, but I have won a few battles in the early stages of this war.

    How early, you ask? 2 payments down, only 58 to go.

    #2
    Originally posted by Scottowl View Post
    I am puzzled that my entire mortgage balance is listed as a secured debt, and not just the arrears.
    Because a Proof Claim tells the court what is owed on the entire debt. Look again. There is a separate portion of the POC that is checked off if the claim is "secured" and within that section of the document there is a line item for the arrears.

    Originally posted by Scottowl View Post
    I do not know if this will allow me to get done early, because I will not be paying off the loan through my plan.
    The balance owed on the mortgage is not being paid and will survive the discharge, less any amounts of the principal that are paid over the course of the next 57 months. The reference to the entire balance owed is for information only.

    Originally posted by Scottowl View Post
    the IRS and Oregon DOR list an amount as priority debt, but are claiming a higher total. While I see the extra as fees and interest, will they collect the additional amount before any unsecured creditors begin to get paid?
    The taxing agencies have listed the claim under two different categories. The portion that is marked as "priority" will be paid prior to general unsecured creditors. The portion that is marked as simply unsecured will be paid pro-rata with the general unsecured creditors.

    Originally posted by Scottowl View Post
    The BK prompted me to get into counseling for gambling disorder and budgeting my income. It helped me make the decision to turn away from gambling and alcohol consumption. It is a daily struggle, but I have won a few battles in the early stages of this war.
    This is great. Just keep everything in focus and you will do fine.

    Des.

    Comment


      #3
      I don't have anything to add, but to say that it was a great choice to get help with gambling. I've been down that road. I still go a little too far when I'm on a cruise ship with a casino. I understand the battle and I wish you the best.
      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


        #4
        So far getting help was the best thing I have done for myself in my life.
        Filing the bankruptcy and beginning to learn how to budget is helping as well.

        I appreciate greatly everyone on this forum who has taken time out to give all my questions more attention than they deserve.
        I hope someday someone looks back on them and decides the process is not quite as overwhelming as it seems.

        Comment

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