How Do I Pay Off my BK Early?

[TexasLadybug]

Hi Everyone! I filed BK in Oct. 2005 (right before the laws changed). My repayment plan was a total of approx. $7500.00, and I now owe about $2500. I'd like to be able to pay this off, but need some info on what is involved, i.e. what is the amount the trustee requires, how long does it take to get the amount from the trustee, etc. I realize I would need to go through my attorney (and just received a notice that my case has been given to a different law firm....this is the second time my attorneys have changed since I filed this BK!!), but thought I would start with this forum to get as much info as I can. I'd like to get out from under this BK if possible! Thanks....any info will be appreciated!
Texas Ladybug

[krielly]

We filed old law as well. Coincidentally we filed the same month as well

My understanding is this.....(and I'm not an atty, so you need to double check with yours)... Unless you are in a 100% payback plan (which it doesn't sound like you are) you are required to pay into your plan for a minimum of 3 years (for you this would be reached in October 08). If you wish to pay off your 13 prior to the 3 year minimum, you may be forced to pay off the plan in full at 100%. It seems it would be wise to wait until you have passed the 3 year mark before requesting an early payoff.

Again, run this by your attorney for his/her opinion.........but the above is my understanding.

K

[TexasLadybug]

Thanks for your reply! I am in a 100% payback plan.

[wayne-o]

So you filed bk over $7500 debt? If you are in a 100% payback, you should be able to buy out early. I dont think it takes that long to get payoff amount.

[TexasLadybug]

As clarification....my percentage to unsecured debt is 100%; my plan base was $7,546.16. Amount paid into plan as of Dec 31, 2007 was $4846.20, leaving a balance owed to plan base of $2699.96.

[HHM]

Simply call the trustee and ask for a payout.