Results 1 to 4 of 4
  1. #1
    Join Date
    Jan 2008
    Posts
    164

    Question 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?

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default 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?

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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.

  4. #4
    Join Date
    Jan 2008
    Posts
    164

    Default 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

    1. Sponsored Links
       

Similar Threads

  1. Chapter 7: Chapter 7 and Creditors
    By acip4u in forum Bankruptcy Law
    Replies: 1
    Last Post: 10-08-2009, 08:13 AM
  2. Chapter 13: Payments to Creditors in Chapter 13
    By HelpinPa2008 in forum Bankruptcy Law
    Replies: 4
    Last Post: 08-27-2008, 03:19 PM
  3. Chapter 7: What to Say to Creditors when Under Chapter 7
    By Intoodeep in forum Bankruptcy Law
    Replies: 3
    Last Post: 08-21-2008, 01:48 PM
  4. Chapter 13: Chapter 13 Creditors
    By acip4u in forum Bankruptcy Law
    Replies: 2
    Last Post: 02-06-2008, 06:44 PM
  5. Chapter 13: Will Chapter 13 Provide Relief From Creditors
    By faith47 in forum Bankruptcy Law
    Replies: 5
    Last Post: 10-30-2007, 08:53 PM
 
 
Sponsored Links

Legal Help, Information and Resources