Chapter 13

[bobsalas]

What is the name of your state? OR
We filed for Chapter 13 under the old law and have been in repayment since 3/1/06.
Someone told me (don't you just love hearing that) there is a loop hole in the new law that allows someone to petition to have the Ch 13 unsecured debts declared completed after 1 year of on-time payments. He also said we could do the same for cllaims filed under the old law, as well.
B4 I go to my attorney I just wanted to ge more info on this, if it is so.

 

[moburkes]

What is the name of your state? OR
We filed for Chapter 13 under the old law and have been in repayment since 3/1/06.
Someone told me (don't you just love hearing that) there is a loop hole in the new law that allows someone to petition to have the Ch 13 unsecured debts declared completed after 1 year of on-time payments. He also said we could do the same for cllaims filed under the old law, as well.
B4 I go to my attorney I just wanted to ge more info on this, if it is so.

Have you spoken to your attorney yet?

 

[bigun]

You have the right to petition the trustee to amend your plan if your circumstances change and, there is a hardship provision that allows an early discharge.
http://doney.net/bkcode/11usc1328.htm

(b) Subject to subsection (d), at any time after the confirmation of the plan and after notice and a hearing, the court may grant a discharge to a debtor that has not completed payments under the plan only if--

(1) the debtor’s failure to complete such payments is due to circumstances for which the debtor should not justly be held accountable;

(2) the value, as of the effective date of the plan, of property actually distributed under the plan on account of each allowed unsecured claim is not less than the amount that would have been paid on such claim if the estate of the debtor had been liquidated under chapter 7 of this title on such date; and

(3) modification of the plan under section 1329 of this title is not practicable.


You just can't claim "I've made payments for a year and I don't want to pay anymore."