Almost at the end of the journey.

[dmc-2008]

Thank you for the words of encouragment! LIRED you are such an asset to ths community! I always learn so much here! Angel I hope you are right! I am in a holding pattern now waiting for confirmation and time is crawling but only because I fear the worst! :-/

[momofthree]

I don't understand why 13's fail so much.

The "failures" include cases that are converted to a ch.7 and receive a discharge, so technically, those cases aren't really failures, as they received the discharge they needed. Also, keep in mind, some of the people that file a ch.13 have no intention of completing it. They are using it as a tool to stall foreclosure, etc. The actual failure rate of those filing 13 with a clear intention of completing it, and realistic expectations (not trying to hold on to non-exempt items that they really can't afford) is a much smaller figure.

[dmc-2008]

Momof3 I see you got a lien strip, i am getting one too! I see it took awhile! Did that make you crazy? I am wondering what happens if I get confirmed then for some reason the strip fails? I am underwater so i dont know why it would, maybe because of income or something but I wont be 100% payback so I sont know.

[momofthree]

dmc--most lien strips are granted before confirmation to ensure that the creditor receives the same percentage payout as other unsecured creditors. However, we are in a 0% unsecured payback, so there was no time limit for getting the strip granted, so my attorney dragged his feet on it. I pretty much forced his hand as we neared the 1 year mark because, yes, it was driving me crazy as it was the only reason we chose a ch.13 over a ch.7. Yours should be done before confirmation, so no worries!

[dmc-2008]

Thanks MomofThree, I hope you are right. Something is weird, I probably don't understand it or something, but my confirmtion is this month on the 15th and the Strip Hearing is next month. I asked my law office and they said don't worry, it's fine! I guess I will roll with that! ;-) Congrats to you! You are getting there!

[ariesfire]

Congradulations

Hey everyone. Not a big question, but more of sharing excitement.

We are 8 months away from our three year plan. We filed on September 8, 2010. Does that mean that on September 7, 2013 we will be completely done? I have been keeping an excel spreadsheet with our payments and according to that, we have 16 (bi-weekly) payments to go. We have them deducted from my paycheck as a garnishment, so we never forget. I'm sure Capital One and Bank of America are preying heavily that we fail, but we seem to be on a very easy track with the auto payments. We still need to do our second course, but wanted to wait until closer to the end to remind us what got us in this mess to begin with. We could have taken the course the day after we filed, but we want to be reminded of what never to do again.

16 payments of $116 and we are done. The hardest part is behind us and I can finally see light at the end of the tunnel..

Wife and I are two payments away from being done. We where on the five year plan and are anticipating our financial freedom. The exiting process will take a little time after the end date, make sure your attorney keeps you informed. So far I have been more anxious this last month then at any time in the last five years. Go figure,

[teddybeardj]

My response relates only to the 6 month period in the code section I linked to and TheBajan's concern that there is a possibility that the trustee could take a windfall received by the debtor within 6 months AFTER the plan is complete. There are other reasons lottery winnings or other windfalls recived by a debtor DURING a Chap 13 may have to be turned over to the trustee. The trustee will probably say lottery winnings are additional disposible income that must go to the plan. Based on some very quick Google research, it appears courts have been consistent in ruling that windfalls received ruing a Chap 13 do become assets of the BK estate and must be distributed to creditors.

LIR.... I am worried about this look-forward period.
My wife was struck by an automobile when she was 2. A settlement was reached where the drivers insurance agreed to pay her medical bills and then starting at age 18 she gets a $10,000 check from the insurance company every five years of her adult life. Her next payment is the first week of January, 2014, less then four months after the end of our Chapter 13, three year plan started in September, 2010. So does this insurance payment get considered a winfall? We declared this on our filing and the lawyer said it shouldn't be a problem.

Someone else said for there to be a look-forward period, it would have to be on the order confirming the plan. For some reason pacer doesn't have a downloadable document for the order, so here is the full docket text for the order.

Full docket text for document 15:
Order Confirming Chapter 13 Plan. LeRoy, Debtor's Attorney, Fees awarded: $3000.00, Expenses awarded: $300.00; Awarded on 10/28/2010. (RE: related document(s)[9] Chapter 13 Plan filed by Debtor ME, Joint Debtor SHE). The Plan (Fil. # 9) is confirmed. The pleading was duly filed, served and noticed pursuant to local rules. No timely resistance/objection was filed. Movant is responsible for giving notice to parties in interest as required by rule or statute. HEREBY ORDERED by Judge Timothy

So, should we be looking anywhere else for this look-forward period and what are the odds the trustee will consider this insurance payment a winfall? If this happens, my wife will want my blood....

Edited from here....

I found in the filing where the lawyer counted the insurance payments as an asset valued at $12,000. I remembered calling Peachtree to see what they would give her for her annulity and they said $12,000, so here is what the lawyer put on our schedule B of the filing, so the trustee obviously knows she is getting it. One other thing, we get it direct deposited. Should we consider getting it in a check form and just sitting on the check for a few months?? Or is that bad to even try?? Here is the text from the schedule B.

18. Other liquidated debts owed to debtor including tax refunds. Give particulars.
"Wife received a settlement from an automobile accident in 1978 where an annuity was purchased from "Safeco" for her benefit that would pay her $10,000 every 5th year. The last payment was made in 2009 and the next payment will be made in 2014. Debtor received a quote from a 3rd party (Peachtree) that the annuity could be sold for $12,000. W 12,000.00"

Wait...this just in. LeRoy also put this same thing on schedule c, Property Claimed as Exempt under Neb. Rev. Stat. § 44-371. So this is not the plan, but the filing... Does schedule C get accepted when the plan is or can the trustee ignore schedule c and take it?? Yep, I'm worried...