In the process of planning a Chapter 13. Almost made the Chp 7 but our home foreclosed last week so we didnt make it and no longer qualify for 7.
NDI is 100 p/mo. Two vehicles both at 910 days adn upside down on both by 5k and 8K. Would like to cram down but the misses is concerned about having her vehicle for 5 years (mechanical risk). So I've read on here to let it go and then buy a new vehicle. The intent is not to have negative equity on top of a new car loan. I dont even know if this an option.
My understanding since our NDi is 100 then our trustee payment should be close to 100 p/mo??
Cars are 800 if not in BK. If we cram I assume they woudl go to say 400~450 combined and would be added to the 100 p.mo payment totalling 500~550 p/mo???
I cant find definitive answers to exactly how a auto cram down works.
Secondly we have a 07 toy hauler. I've waited 10 years to get this. I finally was at a point where we both had 700 plus credit. I absolutely love having this for our family. I am deeply saddened we may lose it. Atty says no way we can keep it. I understand its a luxury item and probably a big reason why we're in this situation, but I turns my stomach to think we cant have it anymore or worse off cant get another one for many years to come. Our kids love the camping trips and I planned having this way before we started planning of kids. It was my dream to have this to have family time and where the kids could have the memories of family outings.
Is there really no option fo rme to keep it????
I'm in AZ. Currently lost my home (didnt pull equity and house was worth 40% less than what i paid and couldn't sell or short sell). Have roughly 27k c.c debt, another 16k with G.E bank (toys so i dont know if secured or unsecured) and owe 30 k on the toy hauler, 36k on truck, car. Totals with misc stuff missed is well over 100k in debt.
Another thing is i see that a ch13 payoff must equal what a chp 7 would of paid. I don't understand the math. If I can only afford 100 p/mo to unsecured that only totals 6k over 5 years. Well below what i owe so does that mean the judge or whoever will raise my payment p/mo to pay off more debt or to meet some calculation of percentage of debt??
Thank you
NDI is 100 p/mo. Two vehicles both at 910 days adn upside down on both by 5k and 8K. Would like to cram down but the misses is concerned about having her vehicle for 5 years (mechanical risk). So I've read on here to let it go and then buy a new vehicle. The intent is not to have negative equity on top of a new car loan. I dont even know if this an option.
My understanding since our NDi is 100 then our trustee payment should be close to 100 p/mo??
Cars are 800 if not in BK. If we cram I assume they woudl go to say 400~450 combined and would be added to the 100 p.mo payment totalling 500~550 p/mo???
I cant find definitive answers to exactly how a auto cram down works.
Secondly we have a 07 toy hauler. I've waited 10 years to get this. I finally was at a point where we both had 700 plus credit. I absolutely love having this for our family. I am deeply saddened we may lose it. Atty says no way we can keep it. I understand its a luxury item and probably a big reason why we're in this situation, but I turns my stomach to think we cant have it anymore or worse off cant get another one for many years to come. Our kids love the camping trips and I planned having this way before we started planning of kids. It was my dream to have this to have family time and where the kids could have the memories of family outings.
Is there really no option fo rme to keep it????
I'm in AZ. Currently lost my home (didnt pull equity and house was worth 40% less than what i paid and couldn't sell or short sell). Have roughly 27k c.c debt, another 16k with G.E bank (toys so i dont know if secured or unsecured) and owe 30 k on the toy hauler, 36k on truck, car. Totals with misc stuff missed is well over 100k in debt.
Another thing is i see that a ch13 payoff must equal what a chp 7 would of paid. I don't understand the math. If I can only afford 100 p/mo to unsecured that only totals 6k over 5 years. Well below what i owe so does that mean the judge or whoever will raise my payment p/mo to pay off more debt or to meet some calculation of percentage of debt??
Thank you
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