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Chapter 13 - Creditors Claims Question (90 day deadline)

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  • Chapter 13 - Creditors Claims Question (90 day deadline)

    Just met with 3rd attorney. He mentioned something that I didn't know about creditors only have 90 days to make their claims. He said you'd be surpised by how many don't make claims. So with $144k in credit card debt it is quite possible someone would only have to pay back $100k if creditors failed to make a claim. I just find this so hard to believe that a credit card company would miss this deadline. Has this happened to anyone where their "original" unsecured debt was reduced due to failure of the creditor making their claim?

    Can't thank you guys enough for the seeing more than one attorney advice. Thank you - thank you.

  • #2
    Hi..and welcome to the site.
    When we filed...Chase chose not to file, so our claims have been reduced by $21,000. A very nice surprise. I kept asking my attorney if this was really possible and if they couldn't file a claim as time progressed but he said no, they had their chance and now it's gone. We're now into year 2.
    Filed Chapter 13 - 07/20/12
    Discharged 8/2/16


    • #3
      Sophieanne r u on a 60 payment plan?
      Discharge date: October 2017 (will it ever get here?)


      • #4
        Originally posted by dmc-2008 View Post
        Sophieanne r u on a 60 payment plan?
        I'm in a 60 plan, but 7 months have been deducted because of no claim from Chase,
        Filed Chapter 13 - 07/20/12
        Discharged 8/2/16


        • #5
          How would one find out if a creditor didn't make their claim? Would your lawyer tell you, would the court send you the info or would it show in pacer?


          • #6
            You will be notified that XYZ Creditor has made a claim. The notice will also show up in PACER. If Creditor ABC does NOT make a claim, there will not be a notice.
            Last edited by AngelinaCat; 07-25-2013, 09:02 AM.
            "To go bravely forward is to invite a miracle."

            "Worry is the darkroom where negatives are formed."


            • #7
              Thank you sophieanne. Interesting. That would of been my next question, how is your payment adjusted? From what I gather when you file, you have your payment set, I was curious what would happen to your payment then if XYZ Creditor doesn't make their claim. I was thinking your payment would go down, but looks like your number of payments went down instead. Thanks.


              • #8
                In my case, the payment did not change. However my % was raised from 32% to 100% and I will be paid off in 39 months as opposed to 60. I'm 28 months in now.

                I had about $35K in unsecured not claim, plus my student loans didn't claim. Student loans won't go away, but I'll tackle that after discharge.

                I did have one claim filed late, and did not object because it was state income tax, which I don't think can be discharged. It was a small amount, and the state is going to get their money one way or another....

                If you receive anything from the trustee about paying a late claim, contact your attorney immediately and contest it. A $21K claim when you're well into your plan could derail everything because the plan would not be feasable.


                • #9
                  By the time I filed it had been three years without any payments to creditors and few made claims. Even the 2nd mortgage did not make a claim and will be stripped. The plan was based on all creditors making claims so I am sure we will finish early, and that is golden. Now if we can just get there.

                  I did not raise the question on this as the payment fell below my expectations already.
                  11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP


                  • #10
                    This is something that surprises me... why would creditors not file claims? Is it the paperwork and legal fees?


                    • #11
                      Originally posted by Slingerland View Post
                      This is something that surprises me... why would creditors not file claims? Is it the paperwork and legal fees?
                      Don't be surprised. It happens all the time. It could be for a variety of reasons, but rejoice when it happens.
                      All information contained in this post is for informational and amusement purposes only.
                      Bankruptcy is a process, not an event.......


                      • #12
                        I hear what you're saying frogger. I would expect smaller companies to not pursue a claim because of complexity. But I'm hearing stories about big banks also not following up on claims. I would think that BofA, Chase, Cap One, etc., have a well-oiled bankruptcy machine .


                        • #13
                          Even though they are the ' big boys', I figure that they have learned not to spend hundred or even thousands of dollars, in a futile attempt to collect a few hundred dollars. After all, they have to pay their attorneys...
                          "To go bravely forward is to invite a miracle."

                          "Worry is the darkroom where negatives are formed."


                          • #14
                            Its a bit crazy if you ask me. I mean if BofA were had made a claim on my BK they would have been entitled to 3 percent, but they made no claim. Now if they would have used the various programs to extinguish I believe they would have received somewhere between 13k to 21k, yet they failed to do that. Boggles the mind a bit. I could have done a ch7 if they would have done that.
                            11/23/'10-filed ch 13. 1/6/'11-341, confirmed. Below median. Plan completed 11/30/2015. DISSCHARGED 4/4/2016.JP


                            • #15
                              It would be great to end early! But if you (me) are paying less than 100% to those that do claim and then wouldn't they just get more of a payback?
                              Discharge date: October 2017 (will it ever get here?)


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