We just made out 24th payment in Chapter 13. Last year my father in law passed and by end of this month should be receiving funds bank account and sale of home. Guessing around $100,000.00. We have advised our lawyer and at this point are waiting for funds before meeting with him. This unfortunatley will leave us around $12,000-15,000 short from being able to pay 100%. He mentioned creating a war chest and negotiating pay off. Anyone hear of this? Could we possibly be able to get out of this 13 earlier than 5 years? I understand other option will be refiguring the payment and continuing till our 60 months pass.
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Filed ch 13 03/2012. Final payment made 03/2015. Discharged 8/04/15!!! -
It usually possible, after 36 months in plan, to pay off a Chapter 13. I am guessing that you were over the median which required you to be in a 60-month plan. The key here is that the Trustee knows that you can just dismiss your Chapter 13 and go the old fashioned route of negotiating with creditors for a settlement. This may entice the Trustee to make a deal!
Work with your attorney since they appear to know how to create a settlement!Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
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Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.
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