In a Chapter 13 bankruptcy repayment “plan”, can the debtor offer a payoff LESS than the actual amount owed?

Posted by: admin in chapter 13 bankruptcy rules on
chapter 13 bankruptcy12 In a Chapter 13 bankruptcy repayment plan, can the debtor offer a payoff LESS than the actual amount owed?
Magic asked:


I am right now in the middle of a pro se Chapter 13 filing. With the debts that I have that are unsecured and some that are secured debts, can I offer a plan to to the court which will offer the creditors less than they are actually owed by me?

I realize that the creditors could and very well may object to the repayment plan but perhaps they may take the lower offer. I’m not sure.

Any help please???

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Tags: Creditors, Repayment Plan, Debts
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One Response to “In a Chapter 13 bankruptcy repayment “plan”, can the debtor offer a payoff LESS than the actual amount owed?”

  1. S P says:
    September 27, 2009 at 3:30 am

    In a chapter 13 plan, the secured debts are paid first, the un secured last, which may end up being less than what you owe, but..you need to be directing this question to your attorney, this is what you are paying them for and you want to make sure you get the correct answer based on YOUR information. Good Luck!

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