Not Sure.....

[rrockinggramma]

well they would probably ask what your intent is on the vehicle. Don't let on that you are getting ready to file. If you are keeping it, then that is ok, buy 1 new, keep the other, trade in? In Michigan you are allowed 1 vehicle per adult driver in the home. I was recently divorced and had 2 vehicles, the one from drive and another from earlier. I could not put both into my single filing. So I my ex took one and I took the other however he repo'd on it almost as soon as I filed. But since it was included as surrendered in my filing (because I didn't have it anymore my ex did) I didn't owe anything on it and no claim was ever filed on the repo'd car. I am sure they are planning to go after my ex but my part of it is discharged.

[Michigan42]

I was advised by the good people on this board to get the car before I filed. I did discuss this with my atty & she agreed. So I did.

No, our dealership wasnt closed up, but they hired new management a few months ago & the longtimers are getting axed one by one. So, I just wanted to explore my options if they ax me too. Also, amend the plan 722? Not sure what the number means, but are you saying they can possibly include my car into the bk?

Here's a question for you. What if you win a substantial amount of money in a lottery, etc? Would the trustee somehow calculate what you owe & seize the winnings? If so, how do they calculate what you owe? I took my current payment & multiplied it by 60 mos & the number was huge! It seems its way more than my original debt?

[rrockinggramma]

well I hope you won't lose your job. Auto sales are starting to make a slight come back. And I wouldn't worry about the lottery until it happens. LOLLOL

If you do lose your position, you can amend your plan accordingly. 722 redemption is a company (US BANK) that deals with those in bankruptcy. It is all arranged through the trustee and the attorney and you. You still have to qualify and the interest is HIGH but if you are desperate you do what you have to do. But since you got another vehicle already it shouldn't apply now (hopefully)


and you can include the car in the plan or not. Although in Michigan, you need to be behind to include it. Since my interest was HIGH I slow payed (just before the 30 days etc) and then included it at my 341.

GL

[Michigan42]

Hi rrgramma,

Well, my fears were realized when my long time employer (16 years) fired me yesterday, & to add more to the pain said they would file an appeal or block any unemployment benefits I might try to receive. Its a long story, but they basically accused me of unauthorized labor charges on my own vehicle (free labor) which has kind of been a silent perk in past years. So, I informed my BK lawyer & am waiting for a response. This just happened yesterday so my head is spinning with all kinds of terrible scenarios. I do have a few leads for jobs & plan to hit the streets hard come Monday, and I guess companies will be more likely to hire after the first of the year. Any advice for me?
Thanks in advance!

[JEM]

Hi rrgramma,

Well, my fears were realized when my long time employer (16 years) fired me yesterday, & to add more to the pain said they would file an appeal or block any unemployment benefits I might try to receive. Its a long story, but they basically accused me of unauthorized labor charges on my own vehicle (free labor) which has kind of been a silent perk in past years. So, I informed my BK lawyer & am waiting for a response. This just happened yesterday so my head is spinning with all kinds of terrible scenarios. I do have a few leads for jobs & plan to hit the streets hard come Monday, and I guess companies will be more likely to hire after the first of the year. Any advice for me?
Thanks in advance!

Wow! I'm so sorry about your job loss.

I hope the New Year brings you something even better!

[Michigan42]

Thanks, its been a crazy up & down year with the BK & job loss. I hope
I can recover quickly.

Thanks

[BnkrptcyLwyr]

Wow, some good info here, startling, but good.

So, I should wait until I receive my refund to file? What should I do with it, just bank it? Pay utilities & household stuff?

I practice in Michigan (Eastern District, Detroit Division), and I can tell you this. It is not absolutely necessary to wait until you file your refund (although if you can afford to wait, it may be better). I have very often put right in my Chapter 13 plan that I am excusing the turnover of that first tax refund to catch up on past bills, fix vehicles, etc - whatever the reason is that the debtor has proof of. Do it all the time - and usually no objection whatsoever, so long as I provide proof or an estimate of the expense.

[rrockinggramma]

have you already filed? Jackson is opening up a new Kia dealership after the first of the year so there are jobs out there. I hope you find one soon.

I wish I had had you as a Bk attorney, BKlawyer. LOLOL I filed Eastern District and DR was my trustee. He was ok but definitely wanted all of my FEDERAL returns. I did get to keep my state refunds however. I could have used those refunds. LOLOL


And as an aside, Happy 2010 everyone. I hope all of your financial lives less stressful for you all. This is my first year since 2004 that I am NOT in Bk. LOL

Happy New Year, All!

[Michigan42]

Hi all,

Still looking for a new job & dealing with unemployment. I'm trying to be positive, but cant help trying to formulate a plan just in case I cant get unemployment & cant find another job. What happens when you convert to a Ch 7? Would I lose my home & cars? Can they get my 401k? Thanks in advance for any advice.

[NoMoreCards]

Hi all,

Still looking for a new job & dealing with unemployment. I'm trying to be positive, but cant help trying to formulate a plan just in case I cant get unemployment & cant find another job. What happens when you convert to a Ch 7? Would I lose my home & cars? Can they get my 401k? Thanks in advance for any advice.

I live in Mi. as well, things are rough here. But to answer your questions, the 401K is exempt, so as long as you do not cash it out...it is safe.

The home and cars depend on if you can still make the payments.

I wish you the best.

[Michigan42]

Thanks, NMC.

I got let go on Dec 30 2009 & havent touched the 401k. I'm just worried if I cant get a job I wont be able to pay the Ch 13 payment. My wife still works, but only makes about $1200.00/mo, not even enough to pay the BK payment. The house payment is inc in the BK, but the cars I pay outside.