from my understanding that a repayment plan is drawn up and submitted to judge. my questions is are creditors given the option to participate or not, and if not all creditors participate will my payment be lower. i have 22 creditors and the will be not getting very much repayment on the original debt?
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creditors have a time frame to file a claim in your case. Those who file a claim get paid and those who don't file a claim don't get paid. Their debt is discharged when you complete your plan. I filed August 3, 2005. Had 341 Sept 19, 2005 and was confirmed Nov 3, 2005. My creditors had until January 22, 2006 to file a claim. The government had until March 2006 to file their claim. Generally not all creditors file a claim.
No your payment won't go down. Those who file a claim will just get paid more.
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