What is the name of your state? Tn I just finished my 2nd year of a chapter 13. When filing my unsecured creditors were to be paid 20%. At the meeting of creditors the trustee was doing his thing and said the amount I needed to paid weekly would go up about $40 from what my attorney had calculated.
Well anyway I still have about 50 weeks to go before I will have paid the base amount of my plan. However, all of my unsecured creditors have been paid their 20%. The trustee is currently applying my payments to regular mortgage payment. Mortgage arrears (will be paid of in 4 months at current rate) and my car payment (also paid off in 4 months at current rate).
What happens to the rest of the money after this 4 months. Will the trustee just keep applying more and more to mortgage or will excess monies start going to the unsecured creditors.
Well anyway I still have about 50 weeks to go before I will have paid the base amount of my plan. However, all of my unsecured creditors have been paid their 20%. The trustee is currently applying my payments to regular mortgage payment. Mortgage arrears (will be paid of in 4 months at current rate) and my car payment (also paid off in 4 months at current rate).
What happens to the rest of the money after this 4 months. Will the trustee just keep applying more and more to mortgage or will excess monies start going to the unsecured creditors.