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It ain't over until it's over!

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    It ain't over until it's over!

    My BK-13, 60-month plan was confirmed February 2017. The originally confirmed plan included only 19 "unsecured" creditors and a 47% pay-off rate for each approved claim balance. Of the 19 originally scheduled "unsecured" creditors, only 12 creditors timely filed proofs-of-claim. In May of this year, or 52 months into the payment plan, my Trustee's interim case report showed that at the pay-off rate of 47% all 12 approved creditor claims would be paid-off...or stated another way.. the "principal due" balances equaled $0.

    Seeing this I foolishly became excited by thinking that my Trustee would soon be sending a notice that total payment under my confirmed 47% plan was completed 8-months early. I recall planning how I was going to manage the extra $3000 (rounded up) per month of soon to be available cash...LOL

    All information that I reviewed instructed that payment should continued to be made to the Trustee until you receive that golden notice of completion of payment. So I continued to make my monthly payment for June, for July, for August. With each additional payment my "balance due amount" was being reflected in the Trustee's interim case report as -$3000 to -$6000 to -$9000. LOL I'm thinking that I'm going to love receiving that large refund check from the Trustee along with the notice of completion of payment. The Trustee's interim report continued to reflect $0 balance due for all 12 approved creditors claims.....but when will I receive the notice of completion?

    Guess what....when I checked the Trustee's interim report for September it reflected that the pay-off rate was increased from 47% to 53%. And, the principal balances due for the 12 approved creditors no longer reflected a $0 balance, but reflected additional monies owed. My Trustee decided that the 12 approved creditors should get additional payment beyond the originally confirmed 47% plan, which would have ended in May... 8 months early after 52 made payments.

    So a 60-month payment plan means 60-months of payments. It ain't over until it's over!

    This is exactly how it works in a less than 100% Plan, having nothing to do with what a Trustee decides.

    In a less than 100% Plan, the Plan is really a "pot" Plan not a "percentage" Plan. You pay your disposable income for the commitment period and the money goes where it goes. If only 12 out of 15 creditors filed timely claims then those 12 creditors will get a higher pro rata payment. Your commitment period does not change and, unless you pay 100% of the allowed claims in less than that time, you do not get out early. If you were below median income the commitment period was/is 36 months. If you were above median income the commitment period was/is 60 months.

    There are other factors in determining the length of the Plan which are case specific. Once such factor is the value of non-exempt assets along with your ability to pay so that you can keep the assets. Another could be the ability to modify the confirmed Plan to reduce the pot and and the failure to do so. The Order Confirming controls until it is changed.



      FINALLY...IT IS OVER!....Last payment has been posted by the Trustee this 60th month of the plan. Stay strong and good luck to you all!
      Petition Filed: 1/2/2017
      Org 341 Date: 2/2/2017
      Confirmed Date: 2/15/2017
      Bar Date: 5/3/2017
      Gov. Bar Date: 7/3/2017
      Months on Schedule: 0
      Last edited by shipo; 01-25-2022, 05:35 AM. Reason: Push details into grid.


        Congratulations. The Chapter 13s are winning so far!
        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

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.



          I agree it isn’t over until it is over. I was not on a 100% plan but with each statement I have seen the amount I owe change. I already paid more than originally planned. I asked my attorney about it and she said I will pay creditors more than planned. I though I would be done early but not the case.


            Your attorney is correct, unless you're in a 100% plan, it is highly unlikely you will end it early, however, it is highly likely you will pay more than originally calculated in the plan. Like many others, I paid more than my original plan stated, compliments of a large tax return; most of which went to the Trustee.
            Latent car nut.


              Congrats! Well done!!!!

              And sometimes after reading posts like this, I'm glad that I'm in a 100% plan. Now if less than the 21 creditors file claims, that would be sweet but I bet that all of them file. Claims deadline is 2/11 and only 5 have filed so far.


                loosechange, you are so right!
                60 payments written in immovable stone over 60 months -it's quite a sentence!
                In our case, our lawyer said we could "finish early" and pay off the remaining agreed on amount in month 58 but given this attorney's previous "miscalculations" concerning this trustee, we made the last two payments only slightly early, and finished up in early Jan.2022, instead of late Jan./ early Feb. 2022.
                Now comes the toughest part - waiting for the discharge and the closing!


                  Follow-up to provide readers with case closing time frame:

                  > 60th and last payment posted by Trustee : (01/10/22)
                  > Received letter from Trustee notifying me that plan has been completed and to stop payments: (02/10/22)
                  > Court's Docket report shows: Notice to Debtor of Completed Plan Payments and of Obligation to File Documents: (Filed and Entered: 03/10/2022)
                  > Court's Docket report shows: Certificate of Mailing of Notice to Debtor of Completed Plan Payments and of Obligation to File Documents : (Filed and Entered: 03/12/2022)
                  > Court's Docket report shows: Completed, signed and dated: 11 U.S.C. Sec. 1328 Certificate as to Debtor. (Filed and Entered: 03/14/2022)

                  Now I am the waiting for the Trustee to complete his Final Report to be filed and served with the Court. Apparently, once filed the Trustee must wait at least 33 days to see if any objections are filed (rarely occurs) before my discharged may be entered and my case is closed.


                    Follow-up to provide readers with case closing time frame: Looks like one more month (33-day objection period) before court issues final discharge order:
                    06/28/2022 Trustee's Final Report and Account as transmitted to BNC for service. (Entered: 06/28/2022)
                    06/28/2022 Notice of Filing Chapter 13 Trustee's Final Report and Account and of Order Fixing Deadline for Objecting Thereto as Transmitted to BNC for Service. (Auto) (Entered: 06/28/2022)


                      Getting closer every day!
                      I am not an expert. I just share my experiences in the Wonderful Wacky World of Chapter 13! Filed 3-30-18 Confirmed 7-11-18 Discharged 6-8-22


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