Almost Done with Ch. 13

[Flamingo]

Make your two last remaining payments on your Plan. When you make your last one, contact your attorney and let him/her know you are sending in the last payment. When the Trustee receives your last payment, you should get a letter from him/her stating what will now take place and the timeframe involved. What will occur is that your Trustee will send all remaining payments to creditors and also send to all creditors documentation they will have to sign and send back that they were paid in full under the Plan. Those documents need to be returned to the Trustee. Your Trustee will also audit your Plan and if there are any overages, you will receive them. To give you an idea of this process as to timing, we paid off our Plan in mid-April 2006; we received the letter from our Trustee in mid-June 2006 describing the scenerio I stated above. Our discharge was dated 8/30/06. It is not a quick process as you can see and generally takes 2 to 3 months.

[justbroke]

I have a question...according to my records, I have two payments remaining in my 60 month plan ( I filed under the old law). I went online to look at my records yesterday and saw that I only owe 2 more creditors included in the plan for a total of around $1100. The trustee still had a balance on hand of over $1800. I was not paying any to unsecured creditors. Does the remaining payments get distributed to the unsecured creditors or am I done making payments?

Well, the Trustee still has to reconcile everything and may have some (shouldn't though) Administrative claims to pay yet.

I would say that the balance is sufficient to pay the other two. Plus, most Plans include a Trustee fee of 10% where the Trustee really only is entitled to 7.5% (like in my District). They say this is to cover any fluctuations in the Trustee fee during the Plan.

What this does is leave you with a surplus at the end of your Plan. That surplus will be returned to you.

I'm guessing that the $1,800 is the surplus from the difference in the Plan Trustee Fee and the Actual Trustee Fee.

[srehbeger]

I have a question...according to my records, I have two payments remaining in my 60 month plan ( I filed under the old law). I went online to look at my records yesterday and saw that I only owe 2 more creditors included in the plan for a total of around $1100. The trustee still had a balance on hand of over $1800. I was not paying any to unsecured creditors. Does the remaining payments get distributed to the unsecured creditors or am I done making payments?