Early payoff???

[edbelfourno1]

Ok,
My base plan is 100% for almost 65k, the 60 months will be end next April. Due to taxes and bonus checks, I will complete the 65k in July of this year. Will that be the end of my payments? I have been trying to get answers, but it's not going well. Thanks for the look.

[despritfreya]

Your Plan will end either upon payment of 100% of all allowed claims or upon completion of the term of the Plan, whichever happens first. So, if you pay 100% of all allowed claims before the 60th month the Plan will terminate. If you believe your last payment will be in July thus paying 100%, wait about a week after you make the payment and then check with the Trustee to see if the Plan has been paid off - all allowed claims paid in full.

Des.

[edbelfourno1]

Thanks for your help!!! I am getting pretty anxious with the end quickly approaching!

[Andyman]

Might depend on where you live. My plan was for 60 months but was completed in 49. I'm now just waiting for the BK court to issue the final decree.

[LadyInTheRed]

Might depend on where you live. My plan was for 60 months but was completed in 49. I'm now just waiting for the BK court to issue the final decree.

This is very rare. Andyman's attorney can't even explain why his plan ended early. From another thread:

No, just the one. I just got off the phone with my attorney and he said he's seen several CH13 plans that have ended this way...he said he wasn't even going to ask why and neither am I!!

Andyman, I looked back at your threads, and can't find an answer to one question that may be the answer to why you got out of your plan early: Was your income on your means test below median?

ETA: Just found this thread: http://www.bkforum.com/showthread.ph...day&highlight=

It sounds like your income was below median, so your minimum commitment period was 36 months. You had been in your plan for over 36 months and paid your secured debt and attorney's fees (and anything else that may have been required like spousal or child support or the value of non-exempt assets), so your plan ended. That would not happen if your income was above median because the minimum commitment period for an above median filer is 60 months.

[spidge]

This is very rare. Andyman's attorney can't even explain why his plan ended early. From another thread:



Andyman, I looked back at your threads, and can't find an answer to one question that may be the answer to why you got out of your plan early: Was your income on your means test below median?

ETA: Just found this thread: http://www.bkforum.com/showthread.ph...day&highlight=

It sounds like your income was below median, so your minimum commitment period was 36 months. You had been in your plan for over 36 months and paid your secured debt and attorney's fees (and anything else that may have been required like spousal or child support or the value of non-exempt assets), so your plan ended. That would not happen if your income was above median because the minimum commitment period for an above median filer is 60 months.

That fires me up. I have asked this very question over and over on different threads and was never given that answer. I think your correct as the 36 months requirement is settled then the only thing left is the base plan amount. I am under median, by a nickle, and I was offered the choice to go with 36, 48, or 60 months. That said it seems for those under median there is hope for early payoff and discharge.

Thank You, LadyInTheRed.

[LadyInTheRed]

I am under median, by a nickle, and I was offered the choice to go with 36, 48, or 60 months. That said it seems for those under median there is hope for early payoff and discharge.

Correct. There may be certain amounts that must be paid in your plan. If you are under median and can show enough disposable income to pay those amounts, you would propose a 36 month plan. Your plan would have to be at least 36 months unless you pay off 100% of unsecured claims before that. But, if a 36 month plan would require too high a payment, you can have a plan that is anywhere from 36 to 60 months. If your plan is confirmed for longer than 36 months and it turns out you can pay the required amounts before the confirmed plan length, you may be able to complete the plan early. At least that is my understanding. And, it's the only thing that makes sense in Andyman's situation that I haven't seen ruled out in his threads. But, it's odd that his attorney wouldn't be able to explain it.

[Andyman]

Pretty sure my income was way below medium. At the final accounting that I got that the trustee sent to the court it shows about $2200 was left over and that it was divided up between three cc's I had. Each on got about 10% of what I owed them.

This is very rare. Andyman's attorney can't even explain why his plan ended early. From another thread:



Andyman, I looked back at your threads, and can't find an answer to one question that may be the answer to why you got out of your plan early: Was your income on your means test below median?

ETA: Just found this thread: http://www.bkforum.com/showthread.ph...day&highlight=

It sounds like your income was below median, so your minimum commitment period was 36 months. You had been in your plan for over 36 months and paid your secured debt and attorney's fees (and anything else that may have been required like spousal or child support or the value of non-exempt assets), so your plan ended. That would not happen if your income was above median because the minimum commitment period for an above median filer is 60 months.

[edbelfourno1]

Insert Happy dance here!!!!!! I called the trustee on Monday and we are paid in full. They sent out a letter that afternoon and we received it today!!!! It states, "The above case has been paid in full and is awaiting a discharge order and an order closing the case. Please be advised that the debtor has completed all plan payment obligations to the trustee!!! Who-Hoo!!!!!

[dmc-2008]

Congrats! I cant wait for the day!

[spidge]

Man, that sounds good.

[LadyInTheRed]

Pretty sure my income was way below medium. At the final accounting that I got that the trustee sent to the court it shows about $2200 was left over and that it was divided up between three cc's I had. Each on got about 10% of what I owed them.

That explains why your plan ended early. I'm surprised your attorney wasn't able to explain it. Maybe he didn't bother to look at your case closely enough. I wouldn't really blame him for not wanting to take the time. After all, if the trustee says your plan is complete, why question it?

[AngelinaCat]

CONGRATULATIONS!!!! You are to be proud of yourselves and this accomplishment--especially ending early! Here you go:

http://www.youtube.com/watch?v=f9aA_fba_To

[spidge]

CONGRATULATIONS!!!! You are to be proud of yourselves and this accomplishment--especially ending early!

Although "ending early" is not always a good thing, here we can celebrate.

[spidge]

Are there any no-no's to funding a payoff of a 13?

Could one borrow from 401K to fund a payoff?

Could one sell assets, like a car to fund a payoff?

I am a seven months from my 3 year mark and would like to make a plan to attack the possibility of an early payoff. Just spit balling again.