I have to include my car loan. I am current on the payments and need to know why I have to do so. I don't want to include it in the 13.
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In BK there are rules and one is that all assets and libalities must be listed. So your car and its debt must be listed.
regards,
emoney -
Include it with the payment to the trustee or include it on the schedules?Originally posted by arlington View PostFiled 07/07, $120k unsecured debt
Plan: $400 (includes cram down) 60 months
Brilliant attorney, decent trustee, awesome planComment
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It has to be listed, but I don't think you are definitely required to pay it in the plan. I paid my mortgage "outside the plan". Still had to list it in the schedules, though. I think a car can be paid outside the plan also.Originally posted by arlington View PostComment
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My attorney said in WI that car payments had to be paid through the plan.Comment
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Putting the car in the plans means more money to trustee. That is why he wants it in the plan.Comment
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Gunsmoke, the Ch 13 trustee isn't making this decision - Klux's lawyer is.Originally posted by gunsmoke View PostLast edited by lrprn; 09-20-2007, 08:12 PM.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to goComment
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i'm sure the lawyer knows what the trustee wantsComment
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Remember I filed a chapter 7 so I'm not an expert on chapter 13, one of those will come along and correct me if I'm wrong.
However, I belive that some trustee's and lawyers prefer it to be in the plan because of the lenght of your loan.
In your scheduled and when you calculate your monthly disposable income you are taking your remaining balance due on the car and spreading that over 60 months. If you only have a couple of years left on your car that means that your disposable income will be off. In the beginning of the plan you will have less disposable income than your schedule says and at the end you will have more disposable income than the schedules indicate. By including the auto in the plan you will eliminate this issue.
This is one significant difference between an auto loan and a mortgage.Filed: 10/26/2006
Discharged: 03/05/2007
Closed: 5/19/2008 - Asset case due to balance transfer and income tax refundComment
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