What happens if you have say a car loan that is current and will be paid off 2 years into your 5-year plan? I have done a search but come up with nothing.
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This varies per district. I am in western PA... I had close to 3 yrs left on my auto loan. They stretched it out to 5 yrs and also included it in my plan. So in the end the trustee is paying & getting a percent of my house pmt, helco pmt & car pmt. Kinda sucks but my trustee fee is 3% (on the low side) and that is one less thing I have to worry about every mth. They are all paid by her
Those who live in glass houses should not throw stones
Chapter 13 filed 10-21-09
Discharged 4-13-15
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P.S. Also, I have read on here about members who have had staggered pmt. Meaning so much for the 1rst part of there plan & so much for the remainder.
Of course every plan is based on that particular situation for that person. You can gather information and get an idea of what you plan may look like by talking to an attorney or comparing what other members plans look like but every one has unique circumstances.... I am so glad I am into this as far as I am.... Its kinda a relief ... Just keep making my pmts
Those who live in glass houses should not throw stones
Chapter 13 filed 10-21-09
Discharged 4-13-15Comment
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This is in Iowa Southern district.
I have a car loan payment and a lease payment both ending two years into my 5 year plan. The remaining payments were averaged over 5 years to determine my dmi and my plan payment. I make the payments directly outside the plan.
At our 341 our trustee wanted to step up our payments once the car payments ended, but our attorney reminded him that the payments were averaged in and he dropped it. He also claimed at the time that he fiqured our income higher than we did, based on our payroll stubs, but we never heard anymore about that either!
I'm just hoping that when the last car payments are made in August this year, the trustee doesn't try to change my plan. We filed in September '08, confirmed in January '09.Comment
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