Claims less than estimated

[jph55]

Good morning,

New user, so hopefully this hasn't been asked and answered already (a quick search didn't turn up anything).
My Ch13 case is going to be confirmed this week or next, and creditors have until the 15th to submit claims. So far, only about half of what we estimated has been claimed and I was wondering if that means our timetable will be shortened, or if each creditor will get more than the 5% stipulated in the bankruptcy.

Thanks!

[katztoo]

That happened to us and the ones that did file claims got more than the original %

[13for60]

You'll be surprised who files at the last minute, too. Several did in my case.

[LadyInTheRed]

You'll be surprised who files at the last minute, too. Several did in my case.

Yep. Proofs of Claim are usually filed by the creditors' attorneys and attorneys are notorious for doing things at the last minute. And I don't say that as an insult to attorneys. This is true of many excellent attorneys I have worked with over the years.

The percentange to unsecured creditors listed on your plan is an estimate and assumes that all unsecured creditors file claims in the amounts listed on your petition and that your plan is confirmed as submitted and never modified. It also doesn't take into account any tax returns or bonuses you may be required to turn over to the trustee. The true percentage to unsecured creditors will not be known until you complete your plan.

[keepsmiling]

Attorneys live with nothing but deadlines. So everything is handled pretty much accordingly... that is, most emergent business first.
Kinda like triage.