We filled, now we have two questions.

[banannas]

Well we finally filled (13) next will be the 341 meeting, wanted to see if anyone had the answers to two questions-

1. Just how does the trustee determine the percentage? ( from reading the site, I've seen 10-58%)

2. Do we understand correctly, after this meeting all creditors have 60 days to file a claim?

Thanks, been most helpful!!!

[HHM]

1. Question one is based on a false assumption that the trustee actually cares about the percentage. The percent payback is simply a function of your disposible income. If you have enough to pay back ALL your debt, you are in a 100% plan, if not, then you are in some lesser percent. The trustee's job is to see if you have more disposible income than you initially listed in your plan.

2. All private creditors have 60 days, the government (i.e IRS) has 180.

[banannas]

Attorney said if creditors dont show then they get nothing-so exactly how does this work?

[ThreadsSnapping]

They don't have to show up but they do have to file a claim to get paid. No claim filed, no payments.

TS

[banannas]

Do most credit card companies file claims? This is what we have most of ....really appreciate the input.:

[Scott50]

its hit or miss in terms of if creditors file claims... every single one of my creditors filed claims..

[HHM]

Do most credit card companies file claims? This is what we have most of ....really appreciate the input.:

Whether and to what extent creditors file claims has no bearing on your payment "amount". But, if fewer creditors file claims, it can shorten the length of your plan.

[lrprn]

2. All private creditors have 60 days, the government (i.e IRS) has 180.

Actually in Ch 13 private creditors have 90 days after the first date set for the 341 meeting to file claims. The government (typically the IRS) has 120 days after the first date set for the 341 meeting to file claims.

See this excellent timeline for Ch 13 at http://www.bankruptcyvisuals.com/viewcharts.html - the 90 days limit is in the Allowance of Claims line.

[HHM]

Opps, my bad.

I quickly posted the chapter 7 timelines without thinking about it.

[Minnymouth]

oooooooppppppps............... you bad today HHM! Wake up and smell the coffee!!!

[Frogge]

Opps, my bad.

I quickly posted the chapter 7 timelines without thinking about it.

Wow, I don't think I've ever seen HHM make a 'mistake'. LOL

[Pugbug]

See this excellent timeline for Ch 13 at http://www.bankruptcyvisuals.com/viewcharts.html - the 90 days limit is in the Allowance of Claims line.

Oooh. I love visuals like this! Thanks for the link, lrprn.

[Frogge]

Wow -- fantastic chart! This is something everyone with questions about the process should look at. Thanks!