Unknown creditors on Pacer

[parsoc48]

I had posted about this last month, that there were unk creditors and I couldn't match them by amounts or account #'s...I took the printouts to the attny office on Monday afternoon, and in today's mail I got copies of the actual claims filed, which had a lot more information and were specific to each creditor I had listed. Thought that was pretty fast work, considering they're not real quick at getting back to me on other stuff

I'm still surprised Chase hasn't filed a claim ($10,000+) since they were real fast on the lawsuit, but there's still a month to go. But wouldn't it be SWEET if they forgot??!!! (I know, I'm dreaming )

[liz417]

So, if a creditor doesn't file they we don't have to pay them back in ch 13??!!??

Oh, I wish Chase would 'forget' about my $24,000 debt I owe them...I guess we'll have to keep dreaming....

[BKParalegal]

Yes and no. In Chapter 13, Unsecured debts (Credit Cards, Signature loans, medical bills, etc) are paid only with funds that are left over after paying your secured debts, atty fees, trustee fees, etc. So unsecured debts (Called Class IV debts in Chapter 13) get paid a percentage, anywhere from 1% to 100%. But only the ones that file a claim to the trustee get paid, if they don't file a claim they are SOL, and the funds are just redistributed to the ones who did file a claim. This does not affect your payment amount unless you were paying 100% of all your debts, which is highly unlikely.

Good Luck

[NowImDownInIt]

I've been told I am paying back 100%, does this mean that if not all of my unsecured creditors file claim, my payment will go down???

[Chased]

Good News

I had posted about this last month, that there were unk creditors and I couldn't match them by amounts or account #'s...I took the printouts to the attny office on Monday afternoon, and in today's mail I got copies of the actual claims filed, which had a lot more information and were specific to each creditor I had listed. Thought that was pretty fast work, considering they're not real quick at getting back to me on other stuff

I'm still surprised Chase hasn't filed a claim ($10,000+) since they were real fast on the lawsuit, but there's still a month to go. But wouldn't it be SWEET if they forgot??!!! (I know, I'm dreaming )

J P Morgan Chase credit card net profit plunged 67% in the second quarter of 2008.

[holding on]

I've been told I am paying back 100%, does this mean that if not all of my unsecured creditors file claim, my payment will go down???

Your monthly payment amount wouldn't go down, just the number of monthly payments made to your plan.

[BKParalegal]

I've been told I am paying back 100%, does this mean that if not all of my unsecured creditors file claim, my payment will go down???

You are paying 100% of your unsecured debt?!?

I am always leary of an attorney who puts a Ch. 13 plan together with a 100% payback. I have drafted over 1000 bankruptcies and about 1/3 were 13's. In all of those cases, I was party to 2 cases where there was 100% plan. Now, I am very familiar with spineless and/or ignorant attorneys who don't know any better or are extremely afraid of having to go to court, file 100% plans. I sincerely hope that isn't your attorney.

Good Luck

[NowImDownInIt]

My situation is a little strange. My debt is relatively low in the grand scheme of things. My main problem is that I lack the financial wisdom to budget well and I knew that the debt I had would just continue to get worse and worse... I can afford 100% payback, but it's still subject to change. I'm okay either way. OF COURSE, I'd love to pay back anything less than 100, but I did rack up the debt, so it's sort of my responsibility to pay it back. I dunno how the inner workings of this work.. lol... Anyway. I have a good, well-known, major market bankruptcy attorney. I'll be okay. Thank you.