Question
Will my payment change if the creditors do not file a claim?
I already filed bankruptcy a chapter 13 repayment plan. If the creditors do not file in time, will my payment change?LawQA.com Answer Library
Lorene Lynn Mies, APLC | TheBankruptcyMinute.com
38975 Sky Canyon Drive Ste# 204 - Murrieta, CA 92563 | 866-703-5874
38975 Sky Canyon Drive Ste# 204 - Murrieta, CA 92563 | 866-703-5874
No, your payment is based on your disposable monthly income not how much you owe. Unless, your is a 100 percent plan. If you are paying back 100 percent the plan will decrease by the appropriate amount. Call your attorney and ask what is your percentage if you don't remember.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/27/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: The Law Office of Mark J. Markus
That really depends on the rules of the court in the jurisdiction where you filed your bankruptcy case and what your plan terms are. In the Central District of California, they do percentage plans. So, for example, if your plan payment was $500 per month for 60 months and that was going to pay 50 percent of your claims, and some of your creditors do not file claims, then your plan payment would remain the same, but at the end of your case, the Trustee would file a motion to increase the percentage.
Answer Applies to: California
Replied: 8/26/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/26/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Law Offices of Larry D. Simons
If your plan is a 100% plan, that is you will pay off all of your creditors over the life of the plan, then yes, your payment could decrease. If you are paying only a percentage of the amount owed to the creditors, then your payment will not decrease. Rather the percentage being paid to the creditors will increase from the amount proposed in your plan.
Answer Applies to: California
Replied: 8/26/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/26/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answered By: Diefer Law Group, P.C.
Yes. If creditors don't file a claim the plan amount can be lowered in some cases.
Answer Applies to: California
Replied: 8/26/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
Answer Applies to: California
Replied: 8/26/2010
Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.
More Questions on Bankruptcy
- Do I need to disclose a power of attorney account if I file bankruptcy?
- Do I have to list student loans on Chapter 7?
- If a trustee dismissed my bankruptcy case, can I re-file?
- If my Chapter 13 got thrown out, can I file a Chapter 7?
- If my Chapter 13 got thrown out, can I file a Chapter 7?
- Can my late husband's debt affect my personal bank account?
- How do I get a FHA loan 5 years after bankrupcy?
- Are my children's education funds included in a bankruptcy?
- Can I cancel my bank account before the creditors take my money?
- Is it possible to file for bankruptcy if I am outside the country?
- What happens if I change my mind about the chapter 13 payment plan?
- Does filing a Chapter 7 bankruptcy protect one from going to jail for child support?
- If two names are on mortgage, if one files for bankruptcy can the other lose the home?
- Can I file for bankruptpcy if my divorce is not finalized yet?
- Can I still file for a chapter 13 bankruptcy if I just got fired?
- After a chapter 13 bankruptcy what assets am I allowed to keep?
- What happens if I file for a chapter 7 bankruptcy and my debts are not all liquidated?
- What happens if I file for bankruptcy while my home goes into foreclosure?
- If I file for bankruptcy can I still use my credit cards?
