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Can a chapter 13 be paid before 60 months?

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    Can a chapter 13 be paid before 60 months?

    Is it possible that all creditors be paid before a 60 month term, in a chapter 13? Has anyone heard of this happening?

    #2
    If you manage to pay 100% of all allowed claims in less than the intended Plan duration your case will be over and a discharge will be entered. So. . . yes it is possible.

    Des.

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      #3
      Yes - it happened in my case. We had one large creditor not file...and then we managed to save enough money to pay off the plan even sooner. We ended up completing our 5 year plan in 4 years. It took some tough budgeting but it happened. We were in a 100% payback plan.
      Filed Chapter 13 - 07/20/12
      Discharged 8/2/16

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        #4
        I am listed at 100% payback and the monthly amount that we put in for the filing made the assumption that I would be paying that amount over five years as it turned out not all of the creditors made a claim so I owed significantly less. So they’ve set up my plan such that I will actually be done in just over two years that includes the 100% payments plus interest in trustee fees. My attorney also told me that if I have extra money that I want to put toward it to pay it off even sooner I can do that.

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          #5
          Yes...my husband and I are in a 100% plan. Two cars being paid in the plan will be paid off, one in 6 months and the other in two years, so with those payments ($1200) will then go towards the rest of our debt, so our plan will be paid before 5 years.

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