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Confirmation

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  • Confirmation

    Our bankruptcy was confirmed 7-11-18.

    I was reading through the NDC website. Most of the claims are listed to the collection agencies not to the credit cards. I THINK this means that instead of (for example) paying Citibank we are paying whoever was doing the collections for them.

    I was so unorganized and ended up shredding a lot of old collection letters I cannot even tell you who we owed what. Bank of America is about the only name I recognize since the others are the collection agencies and there are multiple claims for one agency which must be separate cards.

    I have a question about info on the site since we are CONFIRMED and no creditors objected to anything.

    Here is one listing

    Claim Amount: 16,749.00
    Scheduled Amount: 15,366.00
    Principal Paid 748.54
    Principal Owed 16,000.46

    Does it matter the amounts do not add up? What amount is the amount we are paying back the "scheduled?" And does this mean since there are no objections that the "Claim Amount" is higher than "Scheduled Amount?"

  • #2
    Hi. First of all congratulations for being confirmed..you're on you way to getting your life/finances back in order. The schedule amount is the amount your attorney showed owing at the time you filed. The claim amount is the amount your creditor shows as being owed (which includes interest up until the date of filing). Those two amounts are usually different and yes you are paying back the claim amount. In this case, it looks to me like the full amount of the debt incurred was 16,749.00 but what you now owe is 16400.46. You might want to verify that with your attorney.
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16

    Comment


    • #3
      I have been hesitant to call the attorney since the last time I called the gate keeper wouldn't let me through to him and told me that they would call me if they needed anything before the confirmation. When I call them I want to have all my thoughts/info together and be able to talk efficiently as possible. I had been a bit wishy washy with them because I didn't understand some things and had so much anxiety. I feel much better now.

      I checked the timeline and it was filed 3-30-18, 341 meeting 5-16-18 confirmed 7-11-18 which felt like a LOT longer. We started payments in April so this month we have 4 payments under our belt

      Comment


      • #4
        Was that example for an auto loan? If so chances are the interest rate was knocked down and the scheduled amount is what you owed when filing and the claim amount is what you'll end up paying in the plan. That's how it worked out for me.
        Claim Amount $24,317.71
        Scheduled Amount $21,451.00
        Monthly Payment $405.30
        Principal Paid $21,886.20
        Principal Owed $2,431.51
        Principal Due Amount $405.30

        Comment


        • #5
          It looks l like the trustee has already disbursed $748.54 to that creditor.
          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!

          Comment


          • #6
            From reading the comments and looking over the info. It appears that the Claim amount is the amount we are paying back since the principal owed is the difference between the Claim amount and the amount disbursed by the trustee.

            No unfortunately it is not a car loan, it is from a credit card.

            What I have learned we shouldn't have put home repairs on a credit card because if your income drops unexpectedly your plan to pay it all off during the "no interest" period falls apart.

            Comment


            • #7
              Originally posted by wd2005 View Post
              Was that example for an auto loan? If so chances are the interest rate was knocked down and the scheduled amount is what you owed when filing and the claim amount is what you'll end up paying in the plan. That's how it worked out for me.
              Claim Amount $24,317.71
              Scheduled Amount $21,451.00
              Monthly Payment $405.30
              Principal Paid $21,886.20
              Principal Owed $2,431.51
              Principal Due Amount $405.30
              NDC is great, gotta love it. Just updated this claim. I have no idea why the claim amount changed.
              Claim Amount $21,637.84
              Scheduled Amount $21,451.00
              Monthly Payment $405.30
              Principal Paid $21,886.20
              Principal Owed $-248.36
              Principal Due Amount $405.30

              Comment

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