My GMC 2013 Terrain SLE -1 83K miles will have to be sold? Retail value buying from a dealer is $13K. TIA
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Non exempt assets do not get liquidated in a Chap 13. If you have $6,000 in non-exempt equity, then your plan must pay unsecured creditors at least $6,000 during the life of your BK.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent! -
My estimated 5 year plan payback is 32K of 72K. So I should be good with my GMC then. Can I have 12K cash as a non-exempt asset? I'm getting 12K inheritance. Attorney said
wait for inheritance to file. ThanksComment
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Non exempt cash is treated the same as non exempt equity in a car. So, if you are paying $32K in your plan and have $12K in cash and $6k in non exempt vehicle equity, you will be fine as long as that $32K does not have to cover more than $14K in secured and priority debt and trustee fees.LadyInTheRed is in the black!
Filed Chap 13 April 2010. Discharged May 2015.
$143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!Comment
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I don't have any secured debt in plan and no tax debt so no priority debt?
thanksComment
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