After you reach the end of the plan, then your debts are discharged. Some creditors may have been paid in full through the plan (for example, the IRS
must generally be paid in full), while other creditors may have been paid just pennies on the dollar. Whatever remains is discharged if the debt is dischargeable. Remember, some debts are not dischargeable. For example, student loans are not generally dischargeable.
The only creditors will be paid in the plan are those creditors who file a proof of claim
. Accordingly, it is very important that you list all of your creditors in your bankruptcy schedules. If you do not list a creditor, then that creditor may not learn about the bankruptcy. If the creditor does not learn about the bankruptcy, then you may still be responsible for that creditor's debt after the bankruptcy discharge since you didn't provide notice
by listing the creditor. On the other hand, if you list a creditor, and that creditor does not file a proof of claim, then that debt likely would be discharged even though the creditor got nothing through the plan. Once the creditor is notified of the bankruptcy, it is that creditor's obligation to file a proof claim.
So, the bot***** *****ne is that there won't be any unknown amounts. You will know exactly what the creditors claim by reviewing their proofs of claim.
I hope that helps. Let me know if you need further clarification, and please remember to provide positive feedback. Thank you.