top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

motion to lift stay question (auto)

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    motion to lift stay question (auto)

    I found out today that the auto company filed a motion to lift stay because my plan has not been confirmed and was rescheduled for September. I have to wait until tomorrow to call my attorney. Will my attorney be able to file something against this and does anyone know how many days my attorney has to respond? I don't have any idea to what happens next. I am in Florida so I don't know if that makes a difference. thanks for all your advice and suggestions.

    #2
    Originally posted by amjo30 View Post
    I found out today that the auto company filed a motion to lift stay because my plan has not been confirmed and was rescheduled for September. I have to wait until tomorrow to call my attorney.
    Auto lenders do not file motions for relief from the automatic stay, just because your plan isn't confirmed. If an automobile lender (creditor) doesn't like your Plan, they file an objection to confirmation. This is telling me that you do not have that creditor in your Plan!

    Originally posted by amjo30 View Post
    Will my attorney be able to file something against this and does anyone know how many days my attorney has to respond? I don't have any idea to what happens next. I am in Florida so I don't know if that makes a difference. thanks for all your advice and suggestions.
    The only thing he could file against it, would be that you're actually making payments and there is adequate protection. Having that lender (car lender) in your Plan with payments being made over the duration of the Plan, would be adequate protection.

    The only other reason I can see them filing, is if you were supposed to be paying this lender outside the Plan and you missed one or more payments. Even if you paid them late, that's still cause for having the stay lifted and the vehicle repossessed.

    So, you and your lawyer need to sit down.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      Thanks so much. I looked at the papers again and it was a motion for adequate protection. Today, the trustee issued a response with a printout showing the amount of monies collected so far on the plan. What happens next? Is there something else my attorney should be filing? I am trying to stay on top of things because I don't want to lose the only vehicle our family of 5 soon to be 6 has. I also don't want to get lost in the shuffle at the attorney's office. thanks for all your info.

      Comment


        #4
        Originally posted by amjo30 View Post
        Thanks so much. I looked at the papers again and it was a motion for adequate protection. Today, the trustee issued a response with a printout showing the amount of monies collected so far on the plan. What happens next?
        Aha... adequate protection. This means that the Trustee is holding money from them. As I wrote, the Trustee can pay priority creditors first. Priority creditors includes the U.S. Trustee, your attorney, and the IRS. Then comes secured debt like your home mortgage. If the Trustee decides to pay your car later during the plan (in full or otherwise), they need to provide, at least, adequate protection to prevent the creditor from losing more money from depreciation.

        Adequate Protection payments are usually less than a regular payment as they only cover the loss in equity (depreciation).

        Originally posted by amjo30 View Post
        Is there something else my attorney should be filing? I am trying to stay on top of things because I don't want to lose the only vehicle our family of 5 soon to be 6 has. I also don't want to get lost in the shuffle at the attorney's office. thanks for all your info.
        This is the Trustee's problem, but also becomes yours. However, they motion for adequate protection to get the Court to motivate the Trustee not so much you. You are paying into your plan and doing what you are supposed to be doing. it's the Trustee messing around with the payments.

        However, if your lawyer setup a plan with some sort of "graduated" payment scheme... where you pay less in the first few months and then the payments increase over the term of the plan, then there may not be enough for even adequate protection. Your lawyer and Trustee should work to make sure you plan works.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment


          #5
          thanks so much. I was told by my attorney that they are working on amending and fixing the objections in my plan. I had one attorney who went out of private practice and helped me find my new attorney. I then found out my old attorney had alot of discrepencies on the petition. My new attorney said they will fix the plan. I just got very nervous about losing or possibly having our car repo. My confirmation continuation hearing is next month and my lawyer said the amended plan will be completed by then. thanks for the info.

          Comment

          bottom Ad Widget

          Collapse
          Working...
          X