Will my payment change if the creditors do not file a claim? 5 Answers as of August 30, 2010

I already filed bankruptcy a chapter 13 repayment plan. If the creditors do not file in time, will my payment change?

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark 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
Diefer Law Group, P.C.
Diefer Law Group, P.C. | Abel Fernandez
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
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