chapter 13 and Cross-Collateral

[brokeNconfused]

well its proved to be hard to keep up now and bills have passed me by. I leared that my car is cross collateral with one of my credit cards from my credit union. i have other cards but i have not missed payments on all. I have a few questions about chapter 13

#1. If i file 13 and include my car and credit card that is "cross-collateral. will i lose my car? i owe about 9k more than its worth and its almost 910 since i got the loan. If i dont have to give it back and i "Cram-Down" the balance do i have to pay the amount right then ? or is it added to my 13 payment plan?

#2 with chapter 13 is it less likely to ahve a creditor "dispute" the bankruptsy?

#3 i read that you cant have any "luxury" items over "X" amount with 90 days. Is that 90 days of filing? or 90days before you defaulted? I guess i am asking if i am over the luxury limit and defaulted this month and file in 4 months. will this work?

i know it seems like i have a lot of questions, but i want do to the right thing and pay back what i can and not just erase it all. thanks to those who can help.

[253BK]

the cross collateral is just if you file and have money in the Credit union account they have the right to take it for the debt you have!!! If I was you I would open an account welse where and put your money in there asap!

There is no way to tell if they will dispute the credit you have charged until you file you wont know!

Try to file after it has been 90 days since you used a card! Lux or not doesnt matter if it is a luxury then they may make you pay it all back 100%

[brokeNconfused]

thanks

that does help. So i plan on not using my cards now, but some have missed payments. Do they go back 90 days when i missed my payment or 90 back when i file?

will i be able to keep the car if i "cram down"? Will i have to pay in full when i file?

[rrockinggramma]

You can cram down your car according to the 910 rule in your chapter 13. Or if you qualify for a chapter 7, you can do a 722 redemption and discharge the difference in the chapter 7. Either way your credit union will become very very nasty and you should "run" to another credit union/bank asap and open up another account and get all bill pays and direct deposits switched over.

FMV on your vehicle is what the credit union could object over but ususally it can be worked out. The credit union HAS to discharge the difference by law.

[brokeNconfused]

thanks.. that helps a bunch. I am worried they would take and then i would not have a car at all. I will only have my house payment through the credit union. It is automatic withdraw from account at the credit union im not sure how to fix that since i got my loan from there.

still looking for some help on the credit card question. anyone?

[253BK]

they go fromt he day filed BUT that depends on what was bought if you bougha new big screen tv or plane tickets then they could go back 6 months!

Do you have a lawyer yet? I would get in touch with a few soon just to be safe

[brokeNconfused]

I have talked to a lawyer, but i got more confused when my credit union loans came up. Still a bit lost, but i think now i understand i can claim my credit card and car loan. I can keep my car if i do FMV and make seperate payments? i am lost.

I have done a few luxury items on cards.. if i didnt i would not be here. No i just use for groceries and gas. Im only behind in 2 right now, but dont plan to file until summer to give me some payment time and come up with attorney money. still looking for advice on what someone would do before filing.

do i have to worry about $$$ withdrawls from my own bank account?