Confirmed!

[wannaknow]

Whew, so glad its over! Just got word that were confirmed and so the 60 month count down begins tomorrow!!! We can learn to live with the plan and I am so greatful for the knowledge gained from this site! Can you tell I'm happy! Free at last, free at last!

[newbie2]

Congrats! Good luck to you, I hope the plan is comfy for you and you get to the finish line.

[Universal]

doesn't the countdown start with your first month's payment long before confirmation?

[indebt00]

Congrats !!!
I can't wait to hear those words...

some states don't start until confirmation...that would suck for us as we are 8 mos in already....

[kornellred]

With regard to states that somehow skew the monthly "countdown", it goes like this: When your plan is confirmed, it is confirmed for "x" number of months and "x" dollars per month. If you multiply the months by the dollars, you will arrive at a grand total of money that the trustee will disburse to your creditors.
If you are in a 60 month plan, for example, and you ordered to pay the trustee $500 per month, that is a total of $30,000. If your plan is confirmed 10 months after filing, and you have already paid $5,000 into the plan, and you are in a state that starts the timer at the confirmation date, your plan payments will be reduced to reflect the amount already paid into the plan. A perfectly useless technicality outside of the frustration of having to wait that much longer for discharge. Even three years, the shortest amount of time for a Chapter 13 plan, is a long, long time.

The situation can work conversely as well, if a debtor has been paying less than the plan eventually gets confirmed at.

[wannaknow]

Thanks everyone, it has been interesting leading to confirmation. UST wanted every single cent from us, I almost wanted to take it personally. But, we answered every objection the UST had at the 341 meeting in order to get confirmation in the end.

@universal, yes, in the state I'm in confirmation starts the clock, not the payments I've paid for the past two months. My atty happily stated that he would those funds first, along w/the UST.

@indebt00, your confirmation is on its way. I can't wait to hear the good news.

@kornelled, I still don't know what's going to happen to all of the monies collected in the past 2.5 months? The atty fees are only 3K, the UST should only be a couple hundred.

[newbie2]

With regard to states that somehow skew the monthly "countdown", it goes like this: When your plan is confirmed, it is confirmed for "x" number of months and "x" dollars per month. If you multiply the months by the dollars, you will arrive at a grand total of money that the trustee will disburse to your creditors.
If you are in a 60 month plan, for example, and you ordered to pay the trustee $500 per month, that is a total of $30,000. If your plan is confirmed 10 months after filing, and you have already paid $5,000 into the plan, and you are in a state that starts the timer at the confirmation date, your plan payments will be reduced to reflect the amount already paid into the plan. A perfectly useless technicality outside of the frustration of having to wait that much longer for discharge. Even three years, the shortest amount of time for a Chapter 13 plan, is a long, long time.

The situation can work conversely as well, if a debtor has been paying less than the plan eventually gets confirmed at.

That's not true in most cases. Unless someone is in a 100% plan, the unsecured creditors (and the trustee percentage) will be at a higher payoff for those of us in states that the clock starts at confirmation. Plan payments are not reduced in my state.

[Universal]

Do you know when the clock starts in IN? Thanks.

[wannaknow]

@universal, my atty told me at the very first meeting. He was quick to point out that the funds collected at the start would pay him first, since he's considered a priority debt. Its highly unlikely my plan will be reduced in the future, in fact, it will increase due to 401K loans expiring during the 13.

[SMinGA]

Interesting discussion... I intend to find out how GA handles it as I really don't know. I do know that my pre-confirmation payments have been earmarked as 'adequate protection' payments, going to my vehicle lender.

[kornellred]

What I said has nothing at all to do with amounts paid to whom and for what.

[wannaknow]

my adequate protection payments have only been $125 (two cars) these past 3 months waiting till confirmation. So to me its a lot of money collected and only half will be used towards priority debts. The only thing I can see is for two mortgage notes to get paid out of these funds, but I'm not sure about that.

[forgotten]

Michigan is the only state I have heard that doesn't start until confirmation. Anyone confirm any others?