36 months? how is that figured?

[edward08r]

You folks were so informative and helpful on my last question.....it seemed like this was a new issue and should post in a new thread.
I have paid 35 months on a 60 at 36%. All the info I read on this site says that payoff prior to 36 months is reverted to 100%, but after 36 months can be paid off at the original settlement amount?

I started paying a monthly amount when I filed in February, but the confirmation wasn't until September of that same year. The NDC site records 35 monthly payments, but the "months remaining" actually puts me closer to a total, by final payment, of 70 months!!

Anybody know WHEN the 1st payment is considered, by the trustee, as being made as far as computing the "36 month" thing?

This makes a big difference in my life. My brother would give me the money to pay off the balance of the original settlement amount, and then I could afford the health insurance issue mentioned in my other entry. He cannot afford to help me if the settlement is 100%, and he is not willing to help me monthly with my monthly health insurance costs (go figger).

[StaciMM]

Not sure if an early payout after 36 months is automatically possible, or if it will be 'considered' by the trustee. One thing though-if your health insurance is going up, you should be able to petition the court to change your plan.

As long as there was no minimum amount you needed to pay in (to protect non-exempt assets, for example) then this should be possible.

[therock48881]

we were told it depends on the trustee. for us, personally, we had to wait until 36 months from the date the case was confirmed, not filed. so, technically, we made 40 payments instead of 36. i guess the best bet would be to ask your attorney.

[edward08r]

Thanks for your replies. It does seem, from this forum, that at 35 months from filing (as opposed to confirmation) I am still 6 months from hitting the magic 36. Which means I cannot pay off the balance without reverting to 100%.

I know that if I turn down this offered job (which I have REALLY wanted) they will never offer it to me again. However, if the trustee is gonna take most all my wages, and all I can do is keep enough back to cover the 400 dollar increase in my medical insurance, which happens whether I take the job or not.....doesn't seem to be much point. I wanted the job for now and for forever (seasonal, part time, I'm retired) but I would hate it in a month if I was working for nothing. And if I cannot pay off this bankruptcy then thats where I'd be.
Seems like I need to turn down the job, file for an amendment or whatever they call it in order to reduce my payments, and continue on as I am.
Chapter 13 does not lend itself to ever getting your life back together, it seems. A Chapter 13 person is trying to do what they can, as best they can, to be as responsible as they can........ and the system just keeps on giving them the blunt end of the hammer.

[SinkingFast]

I completely understand how you feel.

Since moving to a different state, I was looking for a job to help with the financial crisis we are in. But after realizing things were so bad, and learning about how BK works, I'm waiting.

Right now, our income is minimally below the median so that means we can go Ch 7. Added income would screw that situation. If something happens, and we wind up in a Ch 13, why go to work simply to pay more into the plan??!!

Damned if you do. Damned if you don't.

[keepmine]

Why did you file a 13 to start with? Keep in mind, an unsecured creditor can't get less in a 13 than they would have gotten in a 7. A modification is not a lock.
Step back and look at the big picture. Not just the job and the insurance but, the entire cost of living. Your general expenses have likely increased a lot in the past 30 months.
See a lawyer before you decide.

[aa06a47]

Thanks for your replies. It does seem, from this forum, that at 35 months from filing (as opposed to confirmation) I am still 6 months from hitting the magic 36. Which means I cannot pay off the balance without reverting to 100%.

I know that if I turn down this offered job (which I have REALLY wanted) they will never offer it to me again. However, if the trustee is gonna take most all my wages, and all I can do is keep enough back to cover the 400 dollar increase in my medical insurance, which happens whether I take the job or not.....doesn't seem to be much point. I wanted the job for now and for forever (seasonal, part time, I'm retired) but I would hate it in a month if I was working for nothing. And if I cannot pay off this bankruptcy then thats where I'd be.
Seems like I need to turn down the job, file for an amendment or whatever they call it in order to reduce my payments, and continue on as I am.
Chapter 13 does not lend itself to ever getting your life back together, it seems. A Chapter 13 person is trying to do what they can, as best they can, to be as responsible as they can........ and the system just keeps on giving them the blunt end of the hammer.

Just remember, a good job is hopefully for a lifetime, the bk is over soon. If you have a great job offer, take it, yes you will probably have to give some of your extra income to the bk court, but that will be over with and you'll have a great job.

Good Luck

[13inOR]

Here is something to ponder---our NDC site has ALWAYS shown us as having a 36 month plan, when in fact it was never more than 29 months to begin with. So, I guess the moral of the story is, check with your own trustee or attorney to determine exactly when they started counting your payments to be sure, and NDC doesnt always make sense!! : )

[Jman30]

My lawyer said to just use the NDC website. You can sort it on the Account Ledger screen by Debtor Payments. Once you hit that magic number of 36, you are home free....

[13inOR]

that makes sense, Jman, I was referring to the main case screen on NDC.
That is the part that is a little confusing. But the payment ledger screen is very helpful, and I think all payments probably count toward the 36, even before confirmation.

[SinkingFast]

Just remember, a good job is hopefully for a lifetime, the bk is over soon. If you have a great job offer, take it, yes you will probably have to give some of your extra income to the bk court, but that will be over with and you'll have a great job.

Good Luck

I wouldn't say that in this day and age.

Hubby had been with his company a long time when he got laid off. 17 years.

I think the days of working for a company from youth to retirement are and era gone by. At least for most folks anyway.

If you've got a good job offer, take it, enjoy it for as long as it lasts, and hope for the best. Maybe you'll make it to get your golden watch and enjoy your sunset years on their pension benefits.

[Jman30]

that makes sense, Jman, I was referring to the main case screen on NDC.
That is the part that is a little confusing. But the payment ledger screen is very helpful, and I think all payments probably count toward the 36, even before confirmation.

My lawyer told me that payments count, even before confirmation. As long as you make a payment, wether or not it was before or after confirmation, it counts towards your 46.

[AnnieG]

that makes sense, Jman, I was referring to the main case screen on NDC.
That is the part that is a little confusing. But the payment ledger screen is very helpful, and I think all payments probably count toward the 36, even before confirmation.

Does anyone know what is the average time to start appearing on the NDC site? We have just made our fourth payment, and NDC finds our case, but there is no trustee update. Anyone know?

[edward08r]

thanx once again for all your help and advise. I called the HR person at the company offering me the job, explained my situation, asked if I could decline the position for now, and was told it was perrfectly OK, to just apply again when circumstances change. Since that issue is outta the way....for now...I only need to concentrate on the magic 36.

I was hoping the 36 started counting down from 1st payment, as opposed to confirmation date, and it sounds like maybe it does. ONE MORE MONTH to go for the magic 36, then I'll approach my less-than-forthcoming attorney and a mortgage company or two and see where it all falls. Thanks again for your help.

[Jenn]

what is the NDC? and how do I get there to check on my stuff?