keeping assets in 13

[whoops08]

Had a consulation with 2nd attorney today. He said that we can keep any cash /assets as long as the total payments that we make over the five year payment period totals more than the cash?
Is this true? Is there a limit to the amount of cash?

Thank you!

[CindyLou]

I think he meant you get to keep the assett as long as the amount you pay over 5 years is greater than the cash value of the assett. In other words, you owe at least as much or more than its worth. I'm just guessing here at to what he meant.

[woeisme]

The rule is that the creditors must get at least as much under your CH 13 than they would in a Chapter 7 case. So if the assets are non-exempt in a CH 7, then to keep them in a CH 13 you need to pay back the creditors at least as much as they would have got if you'd been forced to turn the assets over to the creditors in a CH 7. Hope this explains it for you.