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HollowOak
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« Reply #15 on: August 28, 2008, 02:50:41 pm » |
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ETA: Per Prosper's Bankruptcy Policy: With payment plans that do call for amounts to be paid toward unsecured debts, monthly plan payments will not begin for over 6 to 12 months from the date the bankruptcy is filed. Prosper will forward any monthly amounts received under payment plans to the Prosper lenders. So perhaps we're expecting things too quickly? I looked at several documents, the " easy version" of the bankruptcy code, this time line as well as this time line. In none of them is there anything that indicates this can drag on for longer than 180 days (6 months), and the debtor has to start payments to the trustee within 30 days of filing. So there really isn't much that I can see that can delay payments for >9 months at the utmost. Note that there are some deadlines for creditors to file paperwork as well. Would be interesting to know whether Prosper has filed anything. |
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Xenon481
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« Reply #16 on: August 28, 2008, 03:07:17 pm » |
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Would be interesting to know whether Prosper has filed anything.
Doubtful in most cases. |
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Fred93
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« Reply #17 on: August 28, 2008, 11:04:59 pm » |
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Would be interesting to know whether Prosper has filed anything. That's a question I would really like to answer, but I don't know how to go about it. PACER doesn't let me search by creditor in a bankruptcy, so I have no way to find the cases. There may be some other service that does provide this search capability. If there is, then we can find 'em, and learn what actions Prosper has taken. |
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bamalucky
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« Reply #18 on: August 28, 2008, 11:12:35 pm » |
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Anybody got any Ch 13 names?
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There are no stupid questions, just stupid people.
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Senator
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« Reply #19 on: August 29, 2008, 09:37:58 am » |
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http://www.prosper.com/lend/listing.aspx?listingID=85616 Collection activity on this loan has been suspended due to Chapter 11 bankruptcy filing by the borrower on Feb-04-2008. Last payment Jan-07-2008. Total payments 11. http://www.prosper.com/lend/listing.aspx?listingID=4217 Collection activity on this loan has been suspended due to Chapter 7 bankruptcy filing by the borrower on Apr-16-2008. Last payment Mar-07-2008. Total payments 23. Both lingering in 4+ late status.
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Stats as of 6/28/2010:
Total withdrawals: $3,488.74 minus (-) Total deposits: $3,600.00 = ($111.26)
Cash balance: $0
Principal value of active notes: $0
Total active notes: 0 of 70.
Successful loans are made to persons who are on a clear path to financial stability. -Mjerryfirst May 18th, 2008.
I know that when I make my 10% those "unbelievers" will call it luck cause that will be the easiest way to excuse their mistakes. -Researchpro May 5th, 2009.
It's a great time to be poor and irresponsible in America. -PPT May 2009
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bamalucky
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« Reply #20 on: August 29, 2008, 09:41:49 am » |
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Chapter 11 bankruptcy is for business.I thought these were personal loans?
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There are no stupid questions, just stupid people.
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Xenon481
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« Reply #21 on: August 29, 2008, 09:45:21 am » |
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Nobody has an older BK than me???  Not even MtnChick?  |
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bamalucky
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« Reply #22 on: August 29, 2008, 09:46:24 am » |
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Correction of myself Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, or individuals with unsecured debts of at least $336,900.00 or secured debts of at least $1,010,650.00, although it is most prominently used by corporate entities. |
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There are no stupid questions, just stupid people.
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DCS
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« Reply #23 on: August 29, 2008, 10:05:39 am » |
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Chapter 11 bankruptcy is available to ... individuals with unsecured debts of at least $336,900.00 or secured debts of at least $1,010,650.00, although it is most prominently used by corporate entities. $336k?!?! Holy kaka! Doesn't that even beat HF from creditboards? Revolving credit balance wasn't available at the time of Senator's listing that went Ch. 11; I wonder how large it was. |
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Senator
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« Reply #24 on: August 29, 2008, 12:03:58 pm » |
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There IS a clue from the listing My current real estate portfolio consists of 26 houses that are valued at over $2,000,000 (approximately $75,000 per house) with an approximate equity of $650,000. |
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Stats as of 6/28/2010:
Total withdrawals: $3,488.74 minus (-) Total deposits: $3,600.00 = ($111.26)
Cash balance: $0
Principal value of active notes: $0
Total active notes: 0 of 70.
Successful loans are made to persons who are on a clear path to financial stability. -Mjerryfirst May 18th, 2008.
I know that when I make my 10% those "unbelievers" will call it luck cause that will be the easiest way to excuse their mistakes. -Researchpro May 5th, 2009.
It's a great time to be poor and irresponsible in America. -PPT May 2009
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regeneration
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« Reply #26 on: August 29, 2008, 01:30:50 pm » |
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It looks like he already met the Ch. 11 qualification through secured debt.
I wonder what happens to all those houses. Does Ch. 11 prevent foreclosure on investment properties?
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ira01
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« Reply #27 on: August 29, 2008, 01:38:15 pm » |
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I wonder what happens to all those houses. Does Ch. 11 prevent foreclosure on investment properties? Chapter 11 works somewhat similarly to Chapter 13. Thus, there is an automatic stay that prevents any collections activities, including foreclosure. The debtor comes up with a repayment Plan, subject to a bunch of statutory requirements. I believe that in a Chapter 11, if any of the investment houses are worth less than the loan on them, the secured portion of the loan is only the value of the house, and the overage is considered an unsecured debt. The secured debt has to be repaid under the Plan if the debtor wants to keep the property, but not the unsecured debt. |
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Fred93
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« Reply #28 on: August 29, 2008, 10:42:03 pm » |
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ETA: Per Prosper's Bankruptcy Policy: With payment plans that do call for amounts to be paid toward unsecured debts, monthly plan payments will not begin for over 6 to 12 months from the date the bankruptcy is filed. Prosper will forward any monthly amounts received under payment plans to the Prosper lenders. So perhaps we're expecting things too quickly? Good catch. I wonder why it takes "over 6 to 12 months". On a related question: Has anyone ever received any payments whatsoever on a prosper loan after the borrower filed chapter 13? Examples please. ETA: Oh, of course people have discussed such a payment on the Gaerke loan. That's a funny case. Any other examples? |
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Xenon481
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« Reply #29 on: August 29, 2008, 10:44:04 pm » |
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ETA: Per Prosper's Bankruptcy Policy: With payment plans that do call for amounts to be paid toward unsecured debts, monthly plan payments will not begin for over 6 to 12 months from the date the bankruptcy is filed. Prosper will forward any monthly amounts received under payment plans to the Prosper lenders. So perhaps we're expecting things too quickly? Good catch. I wonder why it takes "over 6 to 12 months". On a related question: Has anyone ever received any payments whatsoever on a prosper loan after the borrower filed chapter 13? Examples please. ETA: Oh, of course people have discussed such a payment on the Gaerke loan. That's a funny case. Any other examples? I have not received any payments on any chapter 13 including the one that is 19 months since the supposed filing date. |
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