Question by Massieus: Can a Chapter 13 be repaid early?
My wife and I are in a really tight spot, and we are looking at Chapter 13 as an option. My question is, after filing for a Chapter 13 Bankruptcy and your plan is accepted, is it possible to pay off your plan early? If so, can your Chapter 13 end then or do you still have to wait for the balance of the the minimum 36 months?

Best answer:

Answer by john c
This is similar to the friend of Sam Kenneson who prepaid for his drug rehab in cash. Said Sam: ” If you have fifteen thousand dollars, you don’t have a drug problem…”.

Theoretically, you are a better risk after the bankruptcy; however, fatalistic lending practices do not seem to acknowledge it. Because of this, you should use the full term of the bankruptcy to insulate yourself from the negative stigma of this completely legal process.

Lauren Bacall has spoken of the savings her husband set aside in order to refuse substandard roles. The always candid Bogey called it his “FY” money. You can always pay it off early, but there are no guarantees that anyone will lend it back to you. So, be cautious. Good Luck.

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Categories: Prepaid Legal Q & A

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