What if scheduled amount is more then 5 years of payments?

[4ever]

We are paying $928 a month for 5 years. That would come up to around $55,680. According to 13datacenter, our scheduled amounts come up to a little over $70,000. That's if they all file, and we are only down to 2 left to file. If they don't then we would be about even with the 55 thousand. So if they do all file, does the BK end when it reaches 5 years even if we still have $20,000 left to pay? The only secure thing we have is our car, the rest are credit cards and a hospital bill, so unsecured credit.

[Pandora]

the remaining debt (if unsecured) gets wiped off the books once you complete your Ch. 13 plan

[4ever]

Thank you!

[kornellred]

In order for a creditor to get any money from a debtor in bankruptcy, they must file a claim with the court. Your plan payment has nothing to do with the total amount you owe - it has to do with your DMI. No money will be paid to creditors who do not file. If you owe 70K to unsecured creditors, and your plan payment is 1K per month for 60 months, then 60K fulfills your plan payment obligation and the remainder of the debt is discharged. If only some of the creditors file claims and the claims total, say, 50K, you will have paid off the filed claims in full before the 60 month term of the plan, and you will obtain a discharge of the remaining (un-filed) debt prior to the 60 month period.

[4ever]

That was easy to understand. Thank you.