North Carolina

[mckbmj]

Hi all,

I'm 2 1/2 years in a Chapter 13 in North Carolina. I wanted to see if anyone was in a similar situation as me.

Filed in January 2021
Owed about 43k in unsecured debt.

My plan was confirmed to only pay the trustee and attorney fees. The plan base is 7500 over 5 years. 125 a month.

Could I possibly pay this off earlier than the 5 years? From what I read NC is a little bit different than the rest of the country. Before you ask, I've emailed my attorney :-) The money will definitely come from my wife or family.

[justbroke]

The only way to tell if if the Trustee allows it. Generally, those in a 5 year plan are over-the-median and the Trustee will not allow a payoff unless all unsecured creditors are paid. That's the general rule... must pay 100% to get out early. In "some" circumstances, a Chapter 13 Trustee will allow an over-the-median income debtor to payoff after a person has been in plan for 36 months (three years).

Bottom line, you'll need to wait for an answer from your attorney. They'd likely have to contact the Chapter 13 Trustee for the real bottom-line answer.

[GreenV98]

You might be able to work with lawyer to shorten it 36 months at the most. Like with mine. I am at a 3yr plan $650 payments for $22K for $120K total debt. I have family of 5 plus my elderly retired parents living with me. My expenses are really high and my dependents are a lot.