36 month bk

[wayne-o]

What is the name of your state? TN I am currently in a chapter 13 bankruptcy (16 months into it) I am not paying 100% to my creditors and my lawyer had come up with a monthly plan payment. We had our meeting of creditors and one objected to the way their debt was being paid. The trustee did some figuring on his computer and said my weekly payment would be $xxxx which was about $50 higher than what my attorney had said. He said the change was due to the creditor objecting to their status. He had not planned on them objecting. My choice was to agree to the higher payment or stretch my plan into 48 months. I took the higher payment. As I am going over the records on the trustee's website, I see that it will take the entire 36 months to reach the base payment, however at the rate I am going most creditors will receive more than the percentage rate listed in the bankruptcy. I had one large account not file paperwork in time (amex...can you believe it) so I realize their monies will be distributed to the other creditors. If I read my documents correctly, I will have to pay either the base or stay on the plan for 36 months whichever is longer. Is it odd that the creditors would recieve more than the percentage listed in the bankruptcy papers?

 

[wayne-o]

thoughts anyone?

 

[Ladynred]

No, its not odd. Since the MINIMUM term of a Ch 13 is 3 years, then whatever your Plan payment came out to gets distributed to those creditors who DID file their claims.