extra money?

[moguy211]

I am 1 year into a 3 year chapter 13 with my payments totaling about $11,000. My total claims equal to about $5,500. What happens to the excess $5,500. I have asked this a few times to my lawyers office people (they are the only one I can seem to talk to)and no one seems to know or don't want to answer. Thanks

[tobee43]

welcome to the site moguy!

i'm didn't go through a 13 so i can't really answer your question, i'm certain those that have experienced it will come along soon and give you a direct more concise response. i just didn't want you to think no one is answering you.

also, if i clearly understand what you are saying is you only owe in total the $5500, but the trustees office is holding 11k? is that correct?

[moguy211]

Sorry I wasn't real clear. At the end of the three years I will have paid approx. $11,000. The only creditors that filed a claim equal approx. $5,500. I am wondering where that excess money goes.

[justbroke]

Sorry I wasn't real clear. At the end of the three years I will have paid approx. $11,000. The only creditors that filed a claim equal approx. $5,500. I am wondering where that excess money goes.

If you pay off the entire unsecured claims and you pay your attorney fees and any other items included in the bankruptcy (including the Trustee's fees), you should be done. You would have your attorney file a Motion to Modify your plan and/or motion for entry of a discharge order. How the attorney goes about doing it, will be based on your local rules and procedures (whether you modify first or just go for the discharge order).

If you are getting nowhere with the attorney's "staff", then make an appointment with the attorney him/herself. You will probably need to pay for his/her time, but they can go through the process with you.

[spidge]

When you stated total claims does that include your attorney and trustee fees. The trustee takes a bite from each payment. In my case it is not much, but yours may be different. Are any car payments paid through the trustee?

It does sound like your payment was based on presumed claims and you may have a chance to modify. I would think any overpayment would come back to you in the end, but why pay that extra right now right. Sounds like JB is correct in that an appointment with the attorney may be in order.