What does this mean?????

[angel7821]

My income dropped dramatically as a result of the recession and it got to where I could not pay the cc's what they were asking so I stopped paying them about 3 months ago and only continued to pay on the car. I have not defaulted on my car loan to date.

I also pay for my own car maintenance (oil changes, tires, any repairs it might need).

How much are you allowed to have for spending money each week out of a paycheck after expenses? Does anyone know? Maybe then I could kind of figure out how much my new car payment amount will be????

From what I have read about the cram down it sounds like I won't be making a car payment this month.Would I be correct in assuming that? I will call my attorney first thing tomorrow morning and get clarification on that.

Also on a cram down do I pay the trustee the new car payment amount and then he will send it to Toyota Financial?? Is that correct??

[momofthree]

You've already filed, right? If so, just read over your plan--if you don't have a copy of it, then you can look it up on the pacer website. It will spell out where your plan payment is going (unsecureds, car, attorney, trustee fees, etc). If you car is not listed as being paid in the plan, then you need to make your car payment. I don't see how your plan payment can possibly include your car payment at the current $132 though...

[SMinGA]

If the car is included in the plan, you will not make car payments. You will just pay your plan and the car will be paid from plan proceeds. The advantage is you pay less on the car (cramdown) and possibly at a lower Apr (Depending on what APR you had before).

You are not allowed anything for 'spending money' which is why you need to be sure the budget schedules in your plan are accurate. Meaning you have well represented what you need for living expenses. You need to find out for sure if the car is in the plan, and what your attorney has on your schedule J. (expenses) If its not accurate, make him update it. You need to know before you submit your first plan payment since it may not be $132 afterall.

[angel7821]

You've already filed, right? If so, just read over your plan--if you don't have a copy of it, then you can look it up on the pacer website. It will spell out where your plan payment is going (unsecureds, car, attorney, trustee fees, etc). If you car is not listed as being paid in the plan, then you need to make your car payment. I don't see how your plan payment can possibly include your car payment at the current $132 though...

I filed on March 9 and there is nothing on Pacer yet.

[justbroke]

I filed on March 9 and there is nothing on Pacer yet.

There absoultely has to be "something" in PACER. Make sure that you're on the correct PACER site. Many people accidentally go to their "District Court" PACER website and not the "Bankruptcy Court" PACER website.

[angel7821]

I spoke with my attorney yesterday about the car loan. I will just keep making the payment of 411.89 on my own. The car is not in the plan. Since I can no longer pay the loan through the Toyota website I will make the payment through my bank using bill pay. So it should all work out just fine. Can't wait to get the 341 hearing over on May 4th. I don't forsee any other problems popping up unless I lose my job of course.