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Chapter 13 Creditors
I would like to know why do the creditors of cpt 13 that are listed in the cpt 13 do they sell the debt to debt buyers even though they know that i am cpt 13 BK and that they will have to wait as long as 3 to 5 years to collect the already discounted debt?
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Re: Chapter 13 Creditors
I don't believe they are legally permitted to sell the debt while you're under the Chapter 13 repayment plan, or after it has been discharged.
Have you run this question past your bankruptcy attorney?
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Re: Chapter 13 Creditors
You're not asking about collection activity, but merely the motivation a creditor might have in discounting a debt that is included in your repayment program rather than receiving a payoff over the full course of your bankruptcy? The most reasonable inference would be that they prefer to get a lump sum of money in hand now, even though less than they would receive over time, rather than getting paid in installments over the next few years.
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Re: Chapter 13 Creditors
Actually it seems that all creditors that were on my payment plan are all different companys from the original cc companys my debt was all cc debt!only one company did file claim? thank you for your reply