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100% Payback Will Be More Than the Amount Owed

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  • 04-20-2011, 12:35 PM
    cbmmom5
    100% Payback Will Be More Than the Amount Owed
    My question involves bankruptcy in the state of: Montana

    The total amount I will pay after 5 years will be $72720 (montly payments + estimated tax refunds.) The total amount of my debts on claims submitted, minus my student loans is only $41576. My question is will I get to end my chapter 13 early? I am not talking about paying my plan by a big chunk of money, just by montly payments and tax returns. I know that my student loans will not be discharged and will simply be treated lilke a regular unsecured clain, but will I need to keep paying my monthly payment for the next four years eventhough my submitted claims will be payed? Thank You
  • 04-20-2011, 12:54 PM
    despritfreya
    Re: 100% Payback Will Be More Than the Amount Owed
    And, how much are the student loans?

    If you were an "over median income" filer, you will continue in your case until either you have completed all required payments under the Plan over the 5 years, including the turnover of tax refunds OR have paid ALL allowed claims in full, including the student loans, which ever happens 1st.

    Des.
  • 04-20-2011, 01:39 PM
    cbmmom5
    Re: 100% Payback Will Be More Than the Amount Owed
    Wow, it seems that I am in it for the next four years because my student loans far exceed the final amount I will pay. Is this correct? Thanks for the response. Connie
  • 04-20-2011, 04:50 PM
    despritfreya
    Re: 100% Payback Will Be More Than the Amount Owed
    Quote:

    Quoting cbmmom5
    View Post
    Wow, it seems that I am in it for the next four years because my student loans far exceed the final amount I will pay. Is this correct? Thanks for the response. Connie

    That would be correct if your Plan is a 5 year plan plus turnover of tax refunds. You pay according to the terms and conditions of the Order Confirming your Plan (assuming no modifications.)

    Des.
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