Car defiency in Ch 13

[Itried]

I am planning on filing a 13 soon and I am wondering what I should do. I have a 2002 mercedes no warrenty and I owe $20K and it is worth $14K retail. That is a $6K defiency right? Do you think that they will make me give it up in the BK 13? I am only filing to save my credit from a foreclosure and I will most likely be at a 100% pay back either way if I keep the car or surrender it.

Also this is my only car. If they will make me surrender it in the BK should I purchase another car before or after I file? I have a good 8% loan on the vehicle and I am sure that I can't get that with my credit the way it is now.

Please share any experiences with me.

Thanks in advance to all... this forum is great

[lrprn]

As I recall, you are a high-income, high-debt filer. If you've owned the car more than 910 days, under the current bk law, you can "cram" the value down to what the car is actually worth when you file. Ask your lawyer about this.

If you haven't owned the car for more than 910 days, then you're stuck paying back the full loan owed. Some trustees may balk at allowing you to keep a luxury car, but frankly as long as it's your only car, most aren't going to raise much of a fuss. Ask your lawyer about stretching the payments out to the full five years and emerge from Ch 13 with the car paid off.