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4th Year in Cap13 - Creditors will not change account statuses to IIB and zero Balance

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PHATBody
Valued Member

4th Year in Cap13 - Creditors will not change account statuses to IIB and zero Balance

I am in my 4th year of a Chapter 13 Bankruptcy to save my home only.  My mortgage creditor is Wells Fargo (WF) and Citibank.  I also have a credit card with WF and a line of credit account with Bank of America (BOA).  These accounts are included in the 13.  All of the accounts statuses say: Making regular payments under W.E.P.  and they display my account balances.  I have disputed this information on each account to the CB and they will remove it one month, then turn around and add it back the next month.  Do i need to constantly dispute this information?  Any advise is welcome.

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Achase
Regular Contributor

Re: 4th Year in Cap13 - Creditors will not change account statuses to IIB and zero Balance

technically  it is reporting correctly. It should only be listed as included in backruptcy if it was discharged. Since you filed a chapter 13 and are making regular payments then Making regular payments under WEP is the correct listing.

 

 

Definition of 'Wage Earner Plan (Chapter 13 Bankruptcy)'

 

Also known as a Chapter 13 bankruptcy, this enables individuals with regular income to develop a plan to repay all or part of their debts for a period of three to five years. The repayment period depends on the debtor's monthly income as compared to the applicable state median. During this repayment period, the law forbids creditors from starting or continuing collection efforts. 


Chapter 13 was formerly called a wage earner's plan because relief under it was only available to individuals who earned a regular wage. Subsequent statute changes expanded it to include any individual, including the self-employed and those operating an unincorporated business. 

 


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PHATBody
Valued Member

Re: 4th Year in Cap13 - Creditors will not change account statuses to IIB and zero Balance

Ok, i understand for the status, but what about the balance?  I read in this forum that they should not display the balance or it should be zero.

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