Bk 13 - Base Plan amount paid before 60 months . . now what happens?

[Kuya]

Hello,

I filed a BK 13 (NY)

3/22/2006 - FILED (At this point, they began taking payments from my check to the trustee)

7/20/2006 - Confirmed.

When I filed, my attorney said it was a 60 month repayment plan, where they would be taking $480/month from my checks. This began on 3/22/2006 . . .

My first question is . . .is it 60 months from my file date or confirm date?

Second question:

It says my plan base is : $28,800
Total paid into plan: $28,080

Percentage to unsecured or unsecured base plan: 100

This would leave a balance of $720. Seeing that they deduct $240 every two weeks, this would mean that the full base of $28,800 will be paid in 6 weeks (Mid November of 2010).

The full base plan amount will be paid in less than 60 months. I am not sure if the plan is 60 months from the file date or 60 months from the confirm date - but either way, I will be paid early, technically.

Will they still take money from my checks? Or will I be officially done making payments when the base plan amount is reached in a few weeks?

I can't seem to find answers to this anywhere.

thanks for any information you are able to share.

[NowImDownInIt]

Wow.. your plan sounds a lot like mine... right down to payment and amount of debt.

Anyway, yes, the payments will be taken out until the trustee/court stops them. Don't worry about it. Anything that you pay that is over the amount you needed to pay will be refunded to you. Congrats on making it through!

[becky20]

Were you paying your creditors 100% if so I'm guessing you're done and will get any amount overpaid refunded. If you haven't paid 100% to creditors, well, I don't know, my guess is they could make you pay until you've either paid 100% or until your 60 months are up...

[newbie2]

You are in a 100% plan and almost there! Wow, I am thrilled for you! Once you hit the 100% it should trigger something in the system and start the "discharge" process. If you overpay you should receive the overpayment back after all the paperwork has been finished.

[Kuya]

Thank you to everyone with encouragement, and information.

Becky20, you ask if I am paying 100%. I honestly don't know. I only know the figures that I have shared with you. Realistically, I doubt that my base plan is 100% (every penny) of what I owed before filing BK. But, I am paying 100% of the base plan created for my BK. Does that mean I am done after my next 3 payments, as my base is paid in full?

From what Newbie2 and NowImDownInIt have posted, I believe that I am almost done . . and once I complete the base (in 5 weeks), it should trigger the beginning of the discharge process . . . . . if this is true then, YIPEEEEEEE . . . . boy, it has been a long and hard road. My own mistakes put me here, but it certainly will be a nice treat to see the $500 back in my pay each month.

[jcj112562]

Just to make sure, I would log into your trustee file on the NDC site, add up all of the "principle owed" amounts for the claims, and see if that works out to being done. I am waiting for the Oct 15th employer withholding to get to the trustee and the NDC, after which I will be walking into the trustee's office to pay off the balance and get this done and dusted.

John

[kornellred]

The payment term begins with the first payment, which is, in most cases, due upon filing. In many cases, the payment amount is different upon confirmation, and the difference will be accounted for by raising or lowering the remaining payments. I have heard tell of a mid - western state where the payment duration begins on the plan confirmation date. If that is true, then all of the money paid to the trustee before confirmation must be deducted from a total derived from the monthly payment amount multiplied by the number of months, and the payment amount further adjusted.

There is a lot of confusion about payment percentages. I am in a 100% payment plan, and my creditors will not receive anywhere near what I owed them. Not quite sure - but I believe the percentage figure merely reflects the amount going to unsecured creditors (after the trustee takes the allowable amount in fees).

[Kuya]

Kornellred, that makes sense. Upon recommendation of "jcj" I did some simple math, and things just don't add up.

When I add up all of my claims, it is approx $37,000.
But my plan base is listed as $28,800.
And my % to unsecured or unsecured plan base is 100, but certainly I am also not paying 100% of my debt here . . . which is why I found it so confusing. And more difficult in searching for answers.

My plan base is $28,800, and I have paid $28,080 into the plan.

I don't know for sure, but I am really hoping that this means that I am almost done, and will actually be completed making payments a few months early. It will be a huge weight off my shoulders to have the pay back in my check each month.