Monthly Payment Change?

[arlington]

Ok - this maybe a 2 part question now that I have thought of something else?

1. If my car note is included in the plan and the car is paid off while in the plan...will my monthly payment decrease? I know the amount of time remaining won't decrease - but will my monthly payment?

2. Once the car is paid off - will I receive my title thereafter - or will I have to wait until my remaining 4 years is up to receive the title?

[Flamingo]

If your car is "crammed" into your Plan you will be paying less for your car (blue book, or whatever value used, plus maybe some interest) during your Plan. When the lender receives all payments from your Trustee on your vehicle, you will receive the title in the mail. If it does not arrive a few months after the lender is paid off in your Plan, give the lender a call. Our vehicles were crammed into our plan and the titles arrived when the lenders received the last payments on the balances from the Trustee (prior to end of Plan).

[justbroke]

Ok - this maybe a 2 part question now that I have thought of something else?

1. If my car note is included in the plan and the car is paid off while in the plan...will my monthly payment decrease? I know the amount of time remaining won't decrease - but will my monthly payment?

No, your payment won't decrease. You have to remember that you're paying unsecured creditors too. Secured Creditors and other "Priority" creditors have priority over unsecured.

The Trustee could actually pay all the secured and priority creditors in the first 2 years of the plan without paying a cent to the unsecured creditors although I see that my Trustee pays everyone at least $1.00 according to the 13Network site.)

2. Once the car is paid off - will I receive my title thereafter - or will I have to wait until my remaining 4 years is up to receive the title?

Yes, once the final payoff is done, you should be able to receive title to the vehicle which is an operation of "non-bankruptcy" law.