And speaking of refinancing / early payoffs

[cso5@]

Hi,
I have read and followed through the victories of those that have refinanced and paid off Ch 13's early. Good for you all!

However, all these cases, naturally, were those that filed under the old laws.

Anybody know if early payoff would be an option for someone who has filed under the new laws?

I know I am a long way from that three year mark, but hey! a girl can dream, right?

Thanks for any help.

[aa06a47]

Hi,
I have read and followed through the victories of those that have refinanced and paid off Ch 13's early. Good for you all!

However, all these cases, naturally, were those that filed under the old laws.

Anybody know if early payoff would be an option for someone who has filed under the new laws?

I know I am a long way from that three year mark, but hey! a girl can dream, right?

Thanks for any help.

My attorney said yes, after 3 years I can pay it off. She said the new law didn't change that.

However, the new law does state all disposible income for 3 years or 5 years depending on the means test. This differs from the old law which said all disposible income for 3 years. See, the difference is that under the old law, you could make a million dollars after the 3rd year and that disposible income was yours to keep. Under the new law, you have to claim that amount the entire 5 years.

I think around the end of 2007, as many new filers hit the 3 year mark, we will start getting the answers.

[cso5@]

Hi,
Thanks for your response!

We are just about at the same timeline, I think. I filed 4/20/06. I had my 341 completed 5/25/06, and my plan was confirmed on 7/19/06. I have a 58 month plan, paying $611.00 per month.

6 down, 52 to go. Yikes.

cso5

[aa06a47]

Yep, I filed 4/3/06, so we are pretty much in the same boat. Like you, I hope the option to pay off early is there. My concern is that unless the plan pays 100% to unsecured creditors, they won't let us pay it off early. Keep your fingers crossed!!!