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Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

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lilrosy4
Established Member

Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

We are getting ready to pay off our Ch 13 plan in a few weeks..YAY!!!!!Smiley Very Happy Just wondering what our next steps should be..Actually pulled our reports a few weeks ago to check on things and everything seems to be reporting fine...Wage Earner plan...0 balance etc.... Soon after we get our discharge papers we are hoping to get a "newsed" vehicle cause both of ours are on their last leg...We will have a trade and some $$$ to put down so Im hoping we wont have a lot of issues...

Message 1 of 11
10 REPLIES 10
Anonymous
Not applicable

Re: Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

Congrats on completing your Ch 13!  It's a tough plan, and most folks are not able to complete it - so that's a great accomplishment!

 

Looks like you're getting your ducks nicely in a row.  We didn't have any trouble getting an auto loan soon after discharge, so I'm betting you'll be in good shape.  One of the pluses is that creditors look at your filing date, typically, rather than your discharge date.  So you've already got a few years time in since filing.  

 

One thing to look at is opening a revolving account.  This will be a key rebuilding step and will increase your FICO score.  Probably about 20 points or so if you don't have one currently open.

 

It's also a good time to be patient.  I think it took about two months after our last payment to official close the BK.  IIRC, from other posters here, that's fairly typical.

 

Congrats again! Very excellent work!

Message 2 of 11
lilrosy4
Established Member

Re: Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

Yes patience is the key!!! I have talked to our attorney about how long after we make our last payment  can we expect our discharge and he said two weeks!!!!! I really hope that is the truth...Smiley Happy

Message 3 of 11
cgkbk13
Established Member

Re: Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

I don't know if the timing of the actual discharge depends on the state in which you filed, but my attorney told me it could take 4-6 months.  I made my last trustee payment 10/11/2011, received the trustee's final account and report 12/28/2011, then received another letter dated 12/30/2011 to me and my creditors allowing them 30 days to appeal the discharge.  Assuming none of my creditors appeal (I assume they would have attended the meeting of creditors if they had an issue to argue) I will be waiting at the mailbox everyday starting 2/1/2012 for that discharge letter!  

10/25/11: TU 605, EQ 655, EX ?
03/13/12: TU 626, EQ 670, EX ?
Message 4 of 11
lilrosy4
Established Member

Re: Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

Thats why it surprised me so much when my attorney said two weeks....From what i had read on here was anywhere from a month to 6 months...My honest estimate before he said two weeks was a month -two months....Maybe he meant to say 2 months???Smiley Frustrated oh well the worst part is almost done now just the waiting game...

Message 5 of 11
JJ2005
Established Member

Re: Getting ready to pay off our Chapt 13 plan...Asking help in what to do next???


@lilrosy4 wrote:

Thats why it surprised me so much when my attorney said two weeks....From what i had read on here was anywhere from a month to 6 months...My honest estimate before he said two weeks was a month -two months....Maybe he meant to say 2 months???Smiley Frustrated oh well the worst part is almost done now just the waiting game...



I'm in the same boat as you.. Congrats, it's almost over...... I finished my last plan payments and received a notice from the Trustee on Dec 19th.. Trustee Refund on 1/7... Judge sent letter to my creditors giving them 21 days to appeal..  I'm not sure if it's business days or not but I'm waiting... Right now my score is 590... Hopefully once I get all my accounts updated on my credit report, I'm hoping for a 620 or so and then I'm going to start working on my credit because I need a good car.. Hopefully we will have GREAT NEWS soon!

Message 6 of 11
RecoveringShopaholic
New Contributor

Re: Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

it did about 3 wks for me, after the last payment at the end of october (28th i think) attorney sent the 21 days to dispute letter, after that time expired, everything closed, the final accounting was submitted after the last ck was cashed, the real last ck was to me, I didnt cash it, a week after the final accounting I rec'd discharge papers that were dated the day the final accoutnting was submitted.  in total it was about a month (from last payment to actual receipt of papers)  of wait and see, all I did was ck the mail and letters came explaining the closing process and what was happening.  I was discharged the first week of dec. so it could have been an end of the year thing.  but I was pleasantly surprised with how fast things went.  Congrats and Good luck!


Starting Score: 479 (TU) 481 (EQ) 508 (EX FAKO) November 2011
Current Score: 687 (TU 3/26/2012 Lender pull) 658 (EQ 3/15/12 Score Watch) 640 (EX FAKO)
Goal Score: 740+


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Message 7 of 11
JJ2005
Established Member

Re: Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

I Looked in Pacer today and I see the Judge issued a dischage for my case :-D :-D :-D.... While I'm not sure what the status "Awaiting Closure" the discharge being issued is a big step in the right direction for me....  If anyone has been through this process.. What are my next steps??

Message 8 of 11
lilrosy4
Established Member

Re: Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

Put in call to the attroney this morning to file motion to pay of Ch 13 early!!! Woo Hoo...He said that will take a couple weeks and then when the trustee receives my payment it will be about 20 days to receive my discharge!!! So excited this is coming to an end! Def learned my lesson Smiley Happy

Message 9 of 11
RecoveringShopaholic
New Contributor

Re: Getting ready to pay off our Chapt 13 plan....asking help in what to do next???

This week I recieved the trustee's motion to remove himself from my case.  This is the final final step!  I got my discharge papers already but this was his balance sheet.  Awaiting the Judge to enter it to the record.  and CASE IS CLOSED!  yeah!!!


Starting Score: 479 (TU) 481 (EQ) 508 (EX FAKO) November 2011
Current Score: 687 (TU 3/26/2012 Lender pull) 658 (EQ 3/15/12 Score Watch) 640 (EX FAKO)
Goal Score: 740+


Take the FICO Fitness Challenge

Message 10 of 11
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