Thank you for giving me the opportunity to assist you. Kindly use CONTINUE or REPLY button to ask for clarification or follow-up questions.
When are unsecured debts discharged in a CH13; at the time when the plan is confirmed or when the plan (3-5 yrs) is completed ? Response: When the plan is completed. Although a debtor can apply for a Hardship Discharge if through no fault of her own debtor is not able to complete the plan. For instance, if the debtor is laid off. See 11 U.S.C. Section 1328(b)
Hello: I see that you have viewed my last response, but did not post your question on a different thread as I requested. Since I have already prepared an answer for you, but was waiting for your new post, I am going to go ahead and post it in the event that you have posted, but for one reason or another I did not get it. I do not want you to think that I did not want to answer your question. Here were go:
Your Question: I have a car loan with a crazy interest rate that I think will be confirmed at a far more reasonable rate. If I convert to a CH 7 at some point, and I want to keep the car, what will happen to the interest rate ?
My Response: The lender may revert back to pre-confirmation interest rate. Once you convert to 7, the deals you made when you were in 13 are off. The parties that you made the deals with do not have legal obligation to keep the deals.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).