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Voluntary Dismissial of Ch 13

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Voluntary Dismissial of Ch 13

I am 1.5 years into a 100% repayment plan. In that time I managed to save $45k in my savings. I owe 67k in the plan plus the trustee fee which works out to another 5k. My secured debit has been paid in full thru the plan already and only unsecured remains. I have considered dismissing, paying the litte amounts and trying to negotiting settlements on the large ones. I owe $30k to LVNV funding/Resurgent Capital and $20k to Navy Fed. My unknown is how these 2 will act upon dismissial. Last thing I want is to be immediatly sued. Anyone have any insight and what would happen upon dismissial. I asked my attorney be she didnt have an answer. I dont care about the credit impacts

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2 REPLIES 2
Established Contributor

Re: Voluntary Dismissial of Ch 13

Upon dismissal all collection activity will resume from creditors.  Once they get wind of the dismissal they will be on top of you.  I would try to pay off the 13 sooner as oppose to dismissing it.  Especially since you have a 100% payback.  

Message 2 of 3
Community Leader
Super Contributor

Re: Voluntary Dismissial of Ch 13

Agree with Coreyb80.

Once dismissed, all creditors then can come back and demand everything in full, and/or sue to get garnishment. You will no longer have the protection from the BK courts with the automatic stay.

Plus...the BK will still remain on your reports, but as dismissed and not discharged. I would NOT dismiss the BK. I would, like said above...start dumping money into the BK program itself and pay it off years earlier instead.


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