If I want to pay off my chapter 13 bnkrpt. early are there penalties and do the unsecured claimed balances get pd. and if so how do I know what ones will? Say my loan for my trailor was $18,000.00 going into bankrpt. and we got the bank to come down to $15,000.00 will I still have to pay the unsecured balance of the $3000.00 that was originally negotiated off main balance? And what about the cash advance place, I took a $300.00 loan from and they are considered unsecure on my status balance sheet, but still showing a balance? Please can someone answer these questions in detail?
Answers:
You are allowed to pay off the negotiated Chap 13 settlement early. Check with the court and your lawyer on how to do so.
If the bank agreed to settle for $15k instead of $18k, you should not owe the $3k.
It seems that the cash advance loan was part of the BK if it shows a balance on your status sheet. In this case, it should be paid off as part of your settlement plan.
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