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socrateaser, Attorney
Category: Bankruptcy Law
Satisfied Customers: 38911
Experience:  Attorney and Real Estate Broker -- Retired (mostly)
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I just filed a chapter 13, I have my creditors meeting in 2

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I just filed a chapter 13, I have my creditors meeting in 2 weeks. I have already made 2 payments to my trustee. Does this mean my bankruptcy has been accepted? Also when do the payments get dispursed to the secured debtors, should it have already started? Lastly my attorney told me to hang on to my paperwork for 10 years, why is that?

Most Chapter 13 plans, if they follow the model approved by the local district court will be accepted. The meeting of creditors is usually a formality -- no one shows up except for you and the trustee, who ask about 5 minutes worth of questions and that's the end of it.


The creditors will get their money once the plan is confirmed-- meanwhile they can't try to collect, so you don't have to worry about being foreclosed.


Re 10 years, that's how long a banrkutpcy sits on your credit report, which means that some creditor could appear out of nowhere and claims who knows what. So, the attorney's suggestion is mostly a "just in case" suggestion.


Get a safe deposit box, put the paperwork inside and forget about it.


Hope this helps.


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Customer: replied 7 years ago.
Pretty informative, almost there. I guess the one question is, it appears the bankruptcy was already filed and I have made two payments to my trustee, does that mean it was successfully submitted? Under the payment plan that we agreed upon, the payments have been made for 1 months worth of the 60 months. How long will it take the trustee to send payments to my mortager?
Nobody's getting any money until the plan is confirmed, because until it is confirmed, your bankruptcy may still be dismissed, and the trustee would have no authority to pay creditor claims. Instead, your money would be returned.
Customer: replied 7 years ago.
lastly, if it was already filed, how is it that it is not confirmed. Will it be confirmed after the creditor meeting? If not when will it be confirmed?
Under 11 USC §1324(b), the plan confirmation hearing may be held not earlier than 20 days and not later than 45 days after the date of the §341(a) meeting, unless the court determines that it would be in the best interests of the creditors and the estate to hold the hearing at an earlier date, and there is no objection to the earlier date.
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