Discharging this week

[Mork]

Hello. This is my first post. We have been in Chapter 13 for 23 months of a 60 month plan, and have just refinanced our mortgage and are paying off our plan 100%. We were able to pull some cash out, and I'll pay off my car loan with that. We'll have about $4k left over to put down on a new vehicle for my wife (Which we desperately need).

Does anyone have any idea how long it will take before we are able to finance a car, if our refinance closes tomorrow (7/18/06), and 100% payment is remitted to the trustee this week? How long until the discharge is official, and this monkey is off our backs?

Thanks.

[bkbiker]

Hey mork,

1 - 4 months for discharge papers seems to be the norm after final payment,

Good luck,
bkbiker

[13inOR]

Our early payoff at 100% (refinance also) was paid on 2/28/06, disbursed to creditors on 3/30/06, and discharge came in May, Closing came in June.
So 1-4 months as bkbiker said, I guess just depends on the trustee.

FYI, you might still be able to get a decent loan rate on a car, just take in the escrow papers showing you paid the 13 off, that might help a lot. But if you find out that the interest is too high because you dont have that official discharge, then you might want to wait. But I would try it.