New to forum and have Chap 13 Questions!

[jmonez]

hello all,
I am new to the forum and have a few questions. 1st off, i live in Ca, I started my chap 13 2 weeks ago and paid my attorney to file. He should be actully filling this week. I have aprox 60k in credit card debt, 30k in 1 auto loan, and 10k in atv loan. Do you know if its possible to complete a cram down on a atv loan with HSBC? as of now i am current on auto and atv loan, but since i already have started the bk process should i continue making payments on auto, and atv, or just stop at this point and start saving that to pay my chap 13 plan? Once filled can the lenders still proceed with a reposesion, or must they stop all collection efforts? My attorney has still not come up with a payment plan proposal but I have aprox $200 disposible income after excemptions, is it likely thats what I will have to pay per mo, for the next 5years of my chap 13 plan? any help, or advice would be greatly appreciated. thank you all for your time.
Jared

[EricaCallaha]

Ask your attorney before you stop making payments on your vehicles. I am not sure if you can cram down an ATV. That could be considered a luxury item. At least it is in Utah.

Is your car included in the $200 per month? Our prediction went from $250 ish to $759 by the time the papers were filed. But our car payment was rolled into the plan and we hadn't counted on that before. Do what you can to start saving for your plan. Get your attorney all of the paperwork he needs ASAP to get a better idea of what your real payment will be for the next 3-5 years.

Breathe, it comes out to be what it is and you will make it through.

Good Luck!

[drwngindebt]

We owe approx $1700.00 on our ATV, our lawyer sugested that we pay it off before we file as they will consider it a luxury, here in SC.

[EricaCallaha]

Be very careful before you do that as it could be considered a preferential payment. You may have to wait at least 90 days before you can file so they don't go after the money.

[Nicollette]

hello all,
I am new to the forum and have a few questions. 1st off, i live in Ca, I started my chap 13 2 weeks ago and paid my attorney to file. He should be actully filling this week. I have aprox 60k in credit card debt, 30k in 1 auto loan, and 10k in atv loan. Do you know if its possible to complete a cram down on a atv loan with HSBC? as of now i am current on auto and atv loan, but since i already have started the bk process should i continue making payments on auto, and atv, or just stop at this point and start saving that to pay my chap 13 plan? Once filled can the lenders still proceed with a reposesion, or must they stop all collection efforts? My attorney has still not come up with a payment plan proposal but I have aprox $200 disposible income after excemptions, is it likely thats what I will have to pay per mo, for the next 5years of my chap 13 plan? any help, or advice would be greatly appreciated. thank you all for your time.
Jared

Once your case is filed, all collections from your creditors that are listed, will cease. They can't just come and repossess because an automatic stay is in place. A creditor would have to file a motion for relief from stay, and it would have to be granted by the courts before anything could be repossessed.