can you payoff chapter 13 early?

[hoobie]

I am in the 30th month of my 42 chapter 13 monthly payments. Ever heard of the remainder of payments being paid in a lump sum? At one point I thought that you had to pay at least 36 months before considering payoff without having to pay all of the unsecured monies back?

[jake]

The trustee should be able to tell you that, but from what I've read in my own Chapter 13 papers, they're more than happy to receive additonal payments of lumps sums either in part or to pay off the debt in full.

[HHM]

Contact your attorney or the trustee, but generally, its my understanding that you can pay off early, especially if you are that far into the plan.

[himey64]

You can payoff your Chapter13 early. There is no pre-payment for doing this. If you are in a western state and own a home, we can likely assist you by refinancing and consolidating your bk13 and your mortgage. Typical savings is over $450/month. Visit (Link Removed By Todd)

[BRAD001]

I am in the 30th month of my 42 chapter 13 monthly payments. Ever heard of the remainder of payments being paid in a lump sum? At one point I thought that you had to pay at least 36 months before considering payoff without having to pay all of the unsecured monies back?

BLUE YES YOU CAN ALSO YOU CAN CANCEL THIS 13 PLAN YOU ARE IN BUT BE WISE YOUR DEBTS THAT YOU OR THE TRUSSE DID NOT PAY THEY MIGHT COME BACK AND TRY TO COLLECT I CANCEL MINE 13 PLAN THE TRUSSE WAS MAKING MY CAR PAYMENTS HE DID NOT MAKE THE INTERESTED SO IN THE MIDDLE OF THE NITE THEY CAME AND GOT THE CAR I COUNTER SUE THEM IN CIVIL COURT BUT LOST SO BE CAREFUL

[rainmand]

A chapter 13 can be paid off at any time during the plan as long as you have the Trustee's permission. If the plan is less than a 100% plan, the Trustee will bump it up to a 100% plan and that's the amount you'll be paying to conclude the plan. If you own a house, you can refinance it to end the bankruptcy early. Some Lender's will allow you to refinance the house one day after the plan has been confirmed. Other Lender's want the bankruptcy to be seasoned. For example, an FHA insured home loan requires 12 months of seasoning from the date of filing. They also require no lates on any bills, including the Trustee payment, during that 12 month period.