We received our "Trustees report of receipts & disbursements" yesterday in the mail. (I hate how the heart races just seeing something from the Trustees office!)
Everything looked good, all of our payments have been calculated correctly, so that's one less worry through this process.
There was something interesting however at the bottom of the form:
**NOTE: All cases must run at least 36 months unless all allowed claims are paid 100%. Do not pay off your plan early without consulting with your attorney.
We filed new law (Feb 2006) and one of the "grey" areas our attorney talked about was early payoff. If my income went up and we could pay off our principal balance early, she was concerned that the law changes may force us to stay in for 60 months and pay interest to the unsecured, not just the pot amount.
After reading the "note" however, it appears there may not be too much of a grey area after all if we wait until after month 36. It will be interesting to see how this all comes out for us new filers in the years to come and if those types of decisions become "local custom" rulings or nationwide.
Everything looked good, all of our payments have been calculated correctly, so that's one less worry through this process.
There was something interesting however at the bottom of the form:
**NOTE: All cases must run at least 36 months unless all allowed claims are paid 100%. Do not pay off your plan early without consulting with your attorney.
We filed new law (Feb 2006) and one of the "grey" areas our attorney talked about was early payoff. If my income went up and we could pay off our principal balance early, she was concerned that the law changes may force us to stay in for 60 months and pay interest to the unsecured, not just the pot amount.
After reading the "note" however, it appears there may not be too much of a grey area after all if we wait until after month 36. It will be interesting to see how this all comes out for us new filers in the years to come and if those types of decisions become "local custom" rulings or nationwide.