Pay off early?
Hello. I just found this forum yesterday. I wish I had had this forum in 2003 when I filed for Chapter 13.
My question involves paying off early. As I type this, last night I had briefly reviewed the court documents I was sent from when my Chpt. 13 was confirmed. Since July 2003 (I filed in June of 2003), I have been diligently making my payments every single month, come rain, sleet, or storm. I have, literally, gone out in severely bad weather to get the cashier's check and mailed it to the trustee just to get it in on time! My biggest fear was missing a payment and having everything rewound and reversed and my case dismissed. I did not want that to happen.
Okay. So!
I have 14 payments left now, just over a year. Essentially, I have made making my monthly trustee payments as a part of my life like breathing and eating. And I have not missed a payment in the last 4 years since this event occurred in my life. I am soooooooooo close.
On a whim, I called the trustee's office yesterday and found out what my unofficial payoff is. Much to my surprise the number is small enough that I could, literally, scrimp and save and have it paid off in about 2 months. Maybe 3 if I want to be conservative. Finally, I can see the light at the end of the tunnel!
This is rather emotional for me as I am sure many of you can attest to.
I realize I need to call my attorney and ask them to get a requested pay off to get the actual amount due and that it also depends on the terms of my judgement (?) as to whether I can actually do a pay off and be out of bankruptcy early. In my initial consult with the attorney I asked them that very question, "Can I pay off early if I am capable of doing so?" He said yes. This was four years ago ... now I just want to make sure which is why I would be asking again.
This is finally all so close. When I started on this journey four years ago, SIXTY MONTHS seemed like such a very very long time and I didn't even want to think about the end. Now that I am near (only a year left), and the fact that I have enough in savings to finally pay it all off and be free and clear - there is now, finally, hope for me. A glimmer of a light in my dark financial tunnel.
As I type this, I want to cry from joy.
My question is this:
If it is possible to pay off the trustee (and I know that financially it is possible), and all my ducks are in a row and I'm allowed to do so, should I go ahead and pay it off a year early? My partner seems to feel that it is a good idea so I can start repairing my credit and getting on with my life. I'd really like to buy a house sometime.
My question involves paying off early. As I type this, last night I had briefly reviewed the court documents I was sent from when my Chpt. 13 was confirmed. Since July 2003 (I filed in June of 2003), I have been diligently making my payments every single month, come rain, sleet, or storm. I have, literally, gone out in severely bad weather to get the cashier's check and mailed it to the trustee just to get it in on time! My biggest fear was missing a payment and having everything rewound and reversed and my case dismissed. I did not want that to happen.
Okay. So!
I have 14 payments left now, just over a year. Essentially, I have made making my monthly trustee payments as a part of my life like breathing and eating. And I have not missed a payment in the last 4 years since this event occurred in my life. I am soooooooooo close.
On a whim, I called the trustee's office yesterday and found out what my unofficial payoff is. Much to my surprise the number is small enough that I could, literally, scrimp and save and have it paid off in about 2 months. Maybe 3 if I want to be conservative. Finally, I can see the light at the end of the tunnel!
This is rather emotional for me as I am sure many of you can attest to.
I realize I need to call my attorney and ask them to get a requested pay off to get the actual amount due and that it also depends on the terms of my judgement (?) as to whether I can actually do a pay off and be out of bankruptcy early. In my initial consult with the attorney I asked them that very question, "Can I pay off early if I am capable of doing so?" He said yes. This was four years ago ... now I just want to make sure which is why I would be asking again.
This is finally all so close. When I started on this journey four years ago, SIXTY MONTHS seemed like such a very very long time and I didn't even want to think about the end. Now that I am near (only a year left), and the fact that I have enough in savings to finally pay it all off and be free and clear - there is now, finally, hope for me. A glimmer of a light in my dark financial tunnel.
As I type this, I want to cry from joy.My question is this:
If it is possible to pay off the trustee (and I know that financially it is possible), and all my ducks are in a row and I'm allowed to do so, should I go ahead and pay it off a year early? My partner seems to feel that it is a good idea so I can start repairing my credit and getting on with my life. I'd really like to buy a house sometime.
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