We are 24 months into a 5yr plan and we am considering a voluntary dismissal becasue we have nothing but unsecured debt left in our plan. However, 0% is supposed to go to the unsecureds. All of our secureds have been paid or we turned them in. That is what I have a question about. If we gave our car back to Ford Credit and included it with the bankriuptcy; what will they (Ford Credit) do? What will they report to the credit bureaus? We took the mortgage out of the plan becasue it was modified and have been making payments on everything with no problems. Any help would be appreciated.
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Originally posted by jamesalip View PostWe are 24 months into a 5yr plan and we am considering a voluntary dismissal becasue we have nothing but unsecured debt left in our plan. However, 0% is supposed to go to the unsecureds. All of our secureds have been paid or we turned them in. That is what I have a question about. If we gave our car back to Ford Credit and included it with the bankriuptcy; what will they (Ford Credit) do? What will they report to the credit bureaus? We took the mortgage out of the plan becasue it was modified and have been making payments on everything with no problems. Any help would be appreciated.
Once you dismiss all of your unsecured creditors can come after you (and they will) as well as Ford for any deficiency (if you gave them back the car).Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.
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You can't take a mortgage out of a Chapter 13 Plan. Even though your mortgage was modified and you are making the payment outside of your Plan, your mortgage is considered part of your Chapter 13 Plan and may show as such on your credit reports. Your attorney is the best source for any information on a voluntary dismissal since he/she knows your financial situation the best. I would suggest giving him/her a call to go over your Plan._________________________________________
Filed 5 Year Chapter 13: April 2002
Early Buy-Out: April 2006
Discharge: August 2006
"A credit card is a snake in your pocket"
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Dismissal means all the unsecureds can go after you. That includes adding back on interest & such, and the deficiency balance for the vehicle.
Consider amending your plan - if things have changed with your income/expenses. Or if things have changed drastically then a ch. 7 may be possible.Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
(In the 'planning' stage, to file ch. 13 if/when we have to.)
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Originally posted by Flamingo View PostYou can't take a mortgage out of a Chapter 13 Plan. Even though your mortgage was modified and you are making the payment outside of your Plan, your mortgage is considered part of your Chapter 13 Plan and may show as such on your credit reports. Your attorney is the best source for any information on a voluntary dismissal since he/she knows your financial situation the best. I would suggest giving him/her a call to go over your Plan.
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