How long does chapter 13 take? -- Loan #1089 -- 2 years now

[bamalucky]

I'm gonna go out on a limb & be willing to bet that Prosper has never responded to a Ch 13 filing on any loan.Not responding would prevent lenders from participating in a repayment plan.

I think everyone with a Ch 13 needs to get together here or somewhere to get all the info in 1 place to find out what has & hasn't been done & how to proceed.I think this is a whole other avenue to proceed with to show Prosper incompetance.

[ira01]

I'm gonna go out on a limb & be willing to bet that Prosper has never responded to a Ch 13 filing on any loan.Not responding would prevent lenders from participating in a repayment plan.

I think everyone with a Ch 13 needs to get together here or somewhere to get all the info in 1 place to find out what has & hasn't been done & how to proceed.I think this is a whole other avenue to proceed with to show Prosper incompetance.

I bet this is probably true for at least many Chapter 13 loans, although I do believe I recall seeing a post here at one time by a lender who had received a payment on a Chapter 13 (not the Gaerke loan), so Prosper must have filed a proof of claim at least once.  It would be helpful if anyone could find a Chapter 13 loan with enough PII to identify the borrower.  Then we could look up the BK on PACER, and see what (if anything) Prosper filed. 

[mhs505]

Actually, after checking prosperreport.com, I realize he conveniently itemized it for lenders, a total of almost $200k in revolving credit at the time of the listing:

http://www.prosperreport.com/prosper/forums/archive/threads/6/2/6272.0.HTM

http://prosperlenders.wikispaces.com/space/showimage/DebtPlan.htm

Eek.

People bid on that guy?  What were they thinking?

[justin_case]

I am in chapter 13 and will be for the next five years, Prosper did file a proof of claim.  Although I have made several payments to the trustee none of the money has been distributed yet.  First in line is the government for back personal and business taxes.  Next is secured creditors – past due mortgage and car payments.  Last is unsecured creditors unfortunately.  I still hope to find a way to repay my Prosper loan in full, as payments come in for the few ‘social’ loans I made I have been transferring it to the loan.  If I make any payments outside of the plan and the trustee finds out I will have a big problem.

Mr D

[bamalucky]

I am in chapter 13 and will be for the next five years, Prosper did file a proof of claim.  Although I have made several payments to the trustee none of the money has been distributed yet.  First in line is the government for back personal and business taxes.  Next is secured creditors – past due mortgage and car payments.  Last is unsecured creditors unfortunately.  I still hope to find a way to repay my Prosper loan in full, as payments come in for the few ‘social’ loans I made I have been transferring it to the loan.  If I make any payments outside of the plan and the trustee finds out I will have a big problem.

Mr D

When did you file & when did Prosper file?

[justin_case]

I filed March 6, I'm not sure when Prosper filed but they are in the plan.

[Fred93]

I am in chapter 13 and will be for the next five years, Prosper did file a proof of claim.  Although I have made several payments to the trustee none of the money has been distributed yet.  First in line is the government for back personal and business taxes.  Next is secured creditors – past due mortgage and car payments.  Last is unsecured creditors unfortunately.

Thanks for that info.  We have so little hard data.  Its good to hear that prosper at least sometimes does file.

Also the timeline explanation was helpful to me.  I read about ch13 timeline on several web sites (referenced earlier in this thread) but I had to hear it several different ways before I got it.  (At least I think now I got it.)

If I understand correctly, when lenders look at loan details in Prosper, we should expect that ch7 bk's go relatively quickly (perhaps a few months) from filing to discharge, but ch13 take much longer, because the "plan" involves possibly several years of payments, and the payments are prioritized so that the secured creditors go first, and us last.  If this understanding is correct, then it is not unusual to see a ch13 filing and then see nothing for a year or more.  ('cause prosper doesn't show us the progress during the time before payments on the prosper loan start.)  Its hard to have faith that the right things are happening during a year or more when we see nothing happen ... especially because we have found a few that were mishandled and lost in the abyss.

[ira01]

If I understand correctly, when lenders look at loan details in Prosper, we should expect that ch7 bk's go relatively quickly (perhaps a few months) from filing to discharge, but ch13 take much longer, because the "plan" involves possibly several years of payments, and the payments are prioritized so that the secured creditors go first, and us last.  If this understanding is correct, then it is not unusual to see a ch13 filing and then see nothing for a year or more.  ('cause prosper doesn't show us the progress during the time before payments on the prosper loan start.)  Its hard to have faith that the right things are happening during a year or more when we see nothing happen ... especially because we have found a few that were mishandled and lost in the abyss.

I wish we knew more of the Chapter 13 BK's, because don't forget that while this particular borrower apparently had significant priority debt (back personal and business taxes) and secured debt (past due mortgage and car payments), I imagine many Chapter 13 debtors do not.  Certainly I think most such debtors probably do not owe back taxes, and many may not be homeowners.  So in those cases, our payments should start pretty promptly, not the year or more later as may be the case with this debtor. 

[red12049]

If I understand correctly, when lenders look at loan details in Prosper, we should expect that ch7 bk's go relatively quickly (perhaps a few months) from filing to discharge, but ch13 take much longer, because the "plan" involves possibly several years of payments, and the payments are prioritized so that the secured creditors go first, and us last.  If this understanding is correct, then it is not unusual to see a ch13 filing and then see nothing for a year or more.  ('cause prosper doesn't show us the progress during the time before payments on the prosper loan start.)  Its hard to have faith that the right things are happening during a year or more when we see nothing happen ... especially because we have found a few that were mishandled and lost in the abyss.

I wish we knew more of the Chapter 13 BK's, because don't forget that while this particular borrower apparently had significant priority debt (back personal and business taxes) and secured debt (past due mortgage and car payments), I imagine many Chapter 13 debtors do not.  Certainly I think most such debtors probably do not owe back taxes, and many may not be homeowners.  So in those cases, our payments should start pretty promptly, not the year or more later as may be the case with this debtor. 

Ira, give it a rest! You have no idea what you are talking about.  If you'd like to learn instead of just spouting off, go talk to some bail bondsmen.  Go talk to some welfare caseworkers down at Social Services.  Talk to people that deal with the poor regularly, instead of concocting fantasies.  Note that I am not sticking up for the practice of stiffing people, just trying to get you to open your eyes, instead of your mouth.

Many people have multiple secured loans for most of the stuff in their homes, as well as the cars they use, and their appliances.  It's the only way they can get anything in (what they consider) a reasonable amount of time.  It's been going on for a very long time.  My Dad quit a job selling appliances the year I was born (1949) because they (the appliances) kept getting reposessed and he ended up selling them over and over.  Sound like the buy here/pay here used car lots of today?

R

[Oak_Hill_Fire]

I'm a little late to the listing of Chapt 13's part of this thread but this one filed 4/16/08 after making 5 payments (latest 2/20/08). The APR's on the debtshe said she was going topay off should have warned me, but I had been on Prosper only 2 monthsat the time I bid.
http://www.prosper.com/lend/listing.aspx?listingID=199337

[Nora_Lenderbee]

Hey Mr Deluxe, thanks for checking in and keeping us posted.

Nora Lenderbee

[HollowOak]

Anyone remember Mr_Deluxe? I recall him posting here sometimes under a different moniker.

Anyways, For some strange reason today, I'm perusing my loans on Prosper and I noticed that there is a double-dagger payment scheduled on his loan for Sept 3^rd.  This isn't for the full amount (it's $0.49 iso $6.93), but since he is in Ch 13, it may be a trustee payment? Surely Prosper wouldn't be attempting a random pull for a smaller amount on a BK loan?

So muted cheers to Mr_Deluxe for (in a manner of speaking) coming through for us lenders. Unfortunately for Mr_Deluxe, the entire payment will be swallowed by late fees.

ETA: As I was typing the above, Nora posted. So I assume Mr_Deluxe has been posting in there.  Sorry if this info is already known, I don't stay that abreast of developments lately.

[Nora_Lenderbee]

Hi, HO,

Mr Deluxe posted in this thread as justin_case, and he has posted on org. before with that ID.

NL

[dliebs97]

http://www.prosper.com/lend/listing.aspx?listingID=231613

made 2 payements then it showed up as bankruptcy

this is what it says now

The borrower filed for Chapter 7 bankruptcy on Apr-30-2008, and the bankruptcy was discharged on Aug-12-2008. As a result, the remaining balance of this loan has been extinguished.

Now if it has been extinguished, why does it still show up 4+ late and not defaulted?

[vsqueen]

Been out of the loop the past week or so, just now catching up. 

This loan http://www.prosper.com/lend/listing.aspx?listingID=47724
is in Chap 13 and paying.  I get quarterly payments.

Filed 4/13/07
OP Payment 12/6/07 - .63
OP Payment 3/10/08 - .74
OP Payment 7/8/08 - .89