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BKAnswerMan, Attorney
Category: Bankruptcy Law
Satisfied Customers: 25
Experience:  Experienced Bankruptcy Attorney that has represented over 1,000 clients in consumer bankruptcy proceedings.
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what happends if non of my usecured creditors file a proof

Resolved Question:

what happends if non of my usecured creditors file a proof of claims on chapter 13?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  BKAnswerMan replied 5 years ago.

BKAnswerMan : Hi JA customer



i just wanted to know what happend if my creditors don file a proof of claims ,my unsecured debt is 5 years old

BKAnswerMan : If none of your unsecured creditors file a proof of claim they will not be entitled to a pro-rata dividend from your plan payment. There is an applicable commitment period; however of three to five years. So the Trustee may raise an objection if your plan had not yet been confirmed.

i file chapter 13 for only credit cads debts. so, i will get a discharge or what happends

BKAnswerMan : Has your plan already been confirmed?

not yet

BKAnswerMan : Then the Trustee may file an objection if the plan will payoff before the end of the applicable commitment period of three to five years. This could be resolved by filing proofs of claims on some of your creditors behalf. If you go not meet the applicable conmitment period then you arguably may become ineligible for a C13
BKAnswerMan : The good news is that this will give you alot of wiggle room with your plan payments

like reducing monthy payments?

BKAnswerMan : Also, if you have not paid your debt in five years then the statute of limitations for collection may have already passed

but in ill is 10 years

BKAnswerMan : You should ask your attorney what the applicable statute of limitations is in IL.

it is 10 years


ok it seems that you cant anwser my question

BKAnswerMan : Right, if there are reasonable expenses not on your original schedules, you may be able to amend them and can likely reduce your plan payment.

ok,then thank you

BKAnswerMan : Your welcome. Hopefully I answered your question. If not I would be happy to clarify.


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