Anyone complete a chapter 13?

[13inOR]

I have a question for anyone who completed or paid off a chapter 13 early.
We are refinancing to do this and paying off our chapter 13 (it was already a 100% payback plan over 29 months so we are not losing anything, just paying it earlier). Anyhow, our attorney said "once the trustee approves the refinance, the payout will be made to the creditors, a final audit will be done, and a couple months later your case will be closed."
Do you think she meant it will take a couple months for the discharge, or is she referring to something different? I can ask her on Monday but just thought I would see what experience others here had with it, as far as how long it takes to actually get a discharge after the last payment is made. Thanks!!

[BK-refi-guru]

13 payoff

I specialize in chpter 13 refinance payoff
If you hv any questions or need a quote comparison
don't hesistate to ask.
Alwyas get more than one quote rates can be high

I have a question for anyone who completed or paid off a chapter 13 early.
We are refinancing to do this and paying off our chapter 13 (it was already a 100% payback plan over 29 months so we are not losing anything, just paying it earlier). Anyhow, our attorney said "once the trustee approves the refinance, the payout will be made to the creditors, a final audit will be done, and a couple months later your case will be closed."
Do you think she meant it will take a couple months for the discharge, or is she referring to something different? I can ask her on Monday but just thought I would see what experience others here had with it, as far as how long it takes to actually get a discharge after the last payment is made. Thanks!!

[therock48881]

depends

we did the exact same thing. we had enough equity to re fi our house and pay off our bk. we were able to do it while rates were quite low and our mortgage payment actually went down as a result of a lower rate. here is the time frame we encountered:
-refi went through on july 12.
-trustee applied payment on july 21
-on december 1 we received a letter from the trustee saying we had no further obligations to the plan. (at this point we were able to finance a cheap car for my wife since her's was literally falling apart)
-on january 6th we got a letter saying our employers were not required to make payments anymore. (puzzling since all payments were made directly by us)
-on february 14th i sent an email to our attorney asking why we hadn't received a discharge yet. he sent a fax to the trustee.
-on february 15th pacer said a discharge was entered into the court.

so, it took us about 7 months from the day of our refi to get a discharge. i believe that is longer than most though. good luck.

[13inOR]

Thanks, rock, that is helpful. I thnk from what I have read that is longer than most but it does give me a good idea. We close Wednesday 2/22 on the loan. It is also helpful to know that you were able to finance a car without the discharge as long as you had the letter from the trustee. We have to buy a car as well, and have cash for about 90% of the price, but will finance 2 or 3K
mostly as a way to rebuild credit. I just was curious to know if the discharge papers were vital to be approved for the auto loan. Thanks!! ; )

[therock48881]

car loan

we financed the car through americredit. you can google it to find their website. they asked for a copy of the letter we got from the trustee and that was good enough. our rate sucks, but we put a bunch down and took out a small loan; similar to what you are going to do. i hope your bk payoff moves along faster than our did. good luck!

[13inOR]

Thanks again, Rock. If you don't mind me asking, what kind of a rate did Americredit give you?

[therock48881]

rate

i think the rate was 23% but we pay an extra 30 dollars a month on it which will lower our rate and our term. the main reason we did this loan was to rebuild our credit.

[13inOR]

Thats about what I figured. I am hoping that the fact that we are putting down 12,000 and only financing 5K will give us a lower rate, but I am not sure. Either way the payment won't be bad and now that we are not paying $1302 per month to Mr Trustee we can actually breathe!

[Pumpkin729]

early pay off audit?

What kind of audit are they doing when one wants to pay off early?
What kind of things are they looking for?
In 19 months we want to pay off early at our 36th month mark instead of 60 months. After about a year into the CH 13 plan both our cars were paid in full. We are saving the money from both our car payments that were listed in the BK but not included, was being paid outside of plan as secured debt. In doing so we are able to save these two car payments each month giving us 562.00 a month to save. This is how we plan on getting out early. Is doing this ok? I don't wanna be dismissed for doing something wrong.

[SinkingFast]

It's gonna be an audit of the Trustee's handling of the BK Estate, the funds allocations, Creditors paid, etc.

It's not an audit of you so nothing for you to worry about.

It's the Court's way of keeping an eye on itself. Making sure all the money is accounted for, everyone who was supposed to get paid got paid, and the Trustee or Trustee's representatives didn't siphon off any funds. A CYA for them.

[Pumpkin729]

early payoff

Thanks so much. I can now sleep tonight.....LOL. ...not that I'm doing anything wrong just didn't wanna keep the mind rolling.