I'm curious to know how many people are in the same boat as I am. My monthly payment to the trustee is less than what I was paying on my monthly credit cards (I always paid more than the minimum). How does your payment compare to what you were paying before filing.
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I used to have a life, now I have grandkids. -
Mine was way less. It was so way less, it was less than my car payment, and I paid off my car in bankruptcy.
But then, I did do a cram down on it as well.
Chapter 13 Filed "Old Law"
Filed: 6/2003 Confirmed: 3/2004
Early pay off sent: 10/05/2007 - 9 months early
11/16/2007 - Discharged!
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Insanely lessOriginally posted by Granny View Post
and that includes cramdown on the car.
Filed 07/07, $120k unsecured debt
Plan: $400 (includes cram down) 60 months
Brilliant attorney, decent trustee, awesome planComment
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me too
Much much less.
I am so counting the months -- it seems like a long time to go, but then the first almost 2 years have really flown by.
No payments except for the student loans and mortgage -- here I come!Comment
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me too
my trustee payment was much less than the minimums I was paying.. My car was crammed down, but it was paid off after 20 months or so in my 36 month planComment
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About $1500 per month less!!!!
Chapter 13 Filed: 12/3/07
Payments: 2/60
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What does it mean by "your car was crammed down" ?Filed July 7,2009
341 August 24,2009 (completed)
Discharged 10-28-09(Thank You Lord.)
Case closed 10-29-2009
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You figure out what the current market value of your vehicle and use that determine how much you owe the creditor.Originally posted by JustOverBroke View Post
I'll give you an example using my situation. Values are rounded to the nearest thousand.
I have a car through Mazda American Credit. When I filed for chapter 13 - I filed chpt. 13 because I wanted to keep my car. I still owed $21,000+ on the car. I bought the car in 2001. I filed in 2003. My attorney looked up in the NADA book how much the current market value on the car was at the time of filing, the amount of money I *could* get if I were to do a trade in. That number ended up being $16,000 and some change.
So. What I owed on my car was $21,000, but how much I owed on the car was "crammed down" to $16,000. So I made payments based on that crammed down amount.Chapter 13 Filed "Old Law"
Filed: 6/2003 Confirmed: 3/2004
Early pay off sent: 10/05/2007 - 9 months early
11/16/2007 - Discharged! Comment
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Thank you for the explaination I understand nowFiled July 7,2009
341 August 24,2009 (completed)
Discharged 10-28-09(Thank You Lord.)
Case closed 10-29-2009Comment
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Wow that is crazy! I have a 2007 escalade that I paid right about 62K for and would like to keep it for my line of work! Do you think this would work on my chap 13 also? The blue book trade on this truck now is just about 50K even???
And when they crammed down the oweing balance did the payment go down also??? And was it included in your trustee payment?Converted to Chp 7 in July 341 AUG 3rd Went well!!!
Trustee Paid Off Looking At Discharge!!! Might Be A Good
After all!
Discharge Date 10/02/09 Counting the days downComment
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In a chapter 13, you cannot cram down an automobile unless you have owned it for more than 910 days (or something like that, I think that is the right number, but nevertheless, its some really large number of days you need to own the car in order to do a cram down under the new law).Originally posted by 253BK View PostLast edited by HHM; 12-19-2007, 12:40 AM.Comment
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THat makes sense! thanks for the input!Converted to Chp 7 in July 341 AUG 3rd Went well!!!
Trustee Paid Off Looking At Discharge!!! Might Be A Good After all!
Discharge Date 10/02/09 Counting the days downComment
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Way less!! About $1,700 less per month.sigpicPersevere: "To continue a course of action, in spite of difficulty, opposition or discouragement."
Chapter 13: Discharged 03/15/2010. Closed 05/19/2010::yahoo::yahoo::yahoo::yahoo::yahoo:Comment
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