Pay off 13

[mmwill]

When you want to pay off a 13 early, are you only responsible for what is left on your plan or do you have to pay everything that was owed to the creditor prior to filing. I was told this but don't know if its true. We are in a position that our house is being bought out by developers and we don't have a choice but to sell, we will make quite a large profit and I don't want to lose this. When requesting from trustee to sell does he have to get permission from creditors?
Thanks Mary

[seannike]

ch 13 early pay off

Question, can you do early payoff a ch 13 plan? (3 year plan @ 26% in ohio)
and if you do early pay off how much more would the creditors get that filed a claim and how did you figure that? Also wandering if you could make extra payments too pay off early thats besides regular payments? how would that effect the plan when you in a 36 month plan @26%??????? I'm in columbus , ohio

thanks in advance!!!!!!

sean

[Beetle10]

Yes you can pay out Early... Do you have the other 74%... :p

You are better off leaving well enough alone and pay for the 36 Months. First The trustee will ask where did the money come from? Our lawyer told us don't even attempt to pay out before the 36 month Mark. Why? Because if you can pay out early you are not putting all your disposable income into the plan and would end up with a new Plan with higher payments or even thrown out to the mercy of the creditor lawsuits for misreporting your disposable income.

If you do have the 100% to pay out you better have just won the lotto or recieved an inheritance. Bottom line.. less than 36 months 100%

[Mom13]

Our experience

I'm certainly no expert but..we tried to do the same thing last year. Our house value had gone up and we were in chpt 13 but less than 36 months in the plan. When we requested an early pay-off to give our lender, we were shocked with the reply of the full amount we originally owed for secured and unsecured! Evidently, if you are in the plan less than 36 months, in most cases you cannot just pay the "plan" pay-off but will be required to pay back 100% which really defeats the purpose of the plan to start with. We are in TX..not sure what happens in other states but our trustee is terrible and would not even consider an exception. We've petitioned the court but have not heard the result yet. Good luck!

[bill6611]

Payoff a Chpt. 13 Early?

I am into approximately the 30th of my 59 month plan of paying on my Chapter 13 plan. I am very much interested in trying to pay this off in the next 6 or 7 months. Is it possible that a person can payoff their plan earlier than then usual in certain cases. I also have a car in my plan and really would like to know if I can't pay off my plan early, is possible to sell the car and apply the monies to my plan. Hoping to hear back and receive some possible alternatives or answers to my concerns.

[seannike]

Early Payoff

Thanks For The Advice

Sean

[harvijo]

i know this thread is about early pay-off, but what about months being added on to a plan to make the pay-off 100%. i am in oklahoma. we filed in August of 2001...a 50 months plan at 21% pay back to our unsecured. not all of them filed claim for payment, and as of January the 21% had been paid back. we now have 7 more payments, but it appears that they have extended the plan to be 18 more and changed the 21% to 100%!!!! is that right? is that something they can just do because they feel like doing it?

[seannike]

early payoff

I was told by my trustee,that if you are below the the 100% plan and try to pay off your plan early that they will extend your plan until you reach at least 36 months or the 100% part of your plan of what you owe!!!!! I'm in ohio.

hope that helps any!!!!!!

sean

[harvijo]

but if you have passed the 36 month mark....? we are well past that, only 7 more payments to go of a 50 month plan....but it looks like they have extended it to 59 months instead. i cannot get my attorney to return my phone calls to help me out on this. my car is literally falling apart and we have permission from the trustee to buy another but we cannot find a lender who will do it. i worry that it will croak before another 7 months passes, but at 18 months,....yeah, it won't make it. lol. all we had was 2 cars and a bunch of unsecured signature loans and medical bills. half did not file a claim, and of those that did even paying the amount originally set in the 50 months will pay those at nearly 100%. they seem to have extended it to also pay those who did not file a claim which would require the extra months they added. ; (