When plan confirmed is really not confirmed

[holding on]

Just another example of how the plan confirmation is a nebulous thing.

Got a letter from the trustee last week saying my plan was confirmed. BUT...very same letter has attached on last page a notice that my plan called for 15% payback but actual payout is 0.0% based on the claims and is the debtor going to increase the funding or how is underpayment going to be taken care of So its confirmed but maybe, what for, could be, who knows, not sure, etc etc LOL

By the way, just for information purposes, the reason the payout is at 0 is because I put down one creditor as unsecured and they put in the claim as secured because of a judgement. So that upped the 'must pay back' amount. Crazy BK process I tell ya!

[rrockinggramma]

wouldn't it be great if none of your unsecured creditors filed claims. Then you really would be done early. LOL

[holding on]

well in this plan rrockinggramma i wouldnt be done early because secured and priority alone right now total more than what my 60 monthly payments would cover.

[rrockinggramma]

so can your chapter 13 be funded ok? or are they upping your payment?

[holding on]

I'm waiting for my lawyer's response. I'm hoping its filing a motion to remove the judgement lein for this creditor who is a big one.

[rrockinggramma]

if the trustee approved the plan, then he/she must have felt it is funded whether or not that lien is secured or unsecured. I remember now. The person that claimed you owed them 7000 on a personal note? that should be unsecured.

[holding on]

not me on the $7000 note owed

But its kind of the point of my post. How do you approve/confirm a plan when upfront you say the plan is going to be underfunded? I wish I would have understood what plan confirmed really meant beforehand.

[glc4122]

chap 13

i have a question about chap 13. i recently filed a chap. 13, what happens if no creditors file a claim? will i have to pay back anything?

[rrockinggramma]

nope