Not sure can't find an answer

[mkstlowe]

We have now filed, and i'm still not sure about everything. I have read much on this forum which is great. I can't see to find all my answers so i figured I will just ask.
All of my credit is unsecured. We were doing fine, but i'm 3 years no raise, and my husband 2 paycuts. all our bills tripled with APR's even know we never missed a payment. So we could no longer put food on the table unless we used the plastic. So we filed chapter 13. My understanding is any creditor that claims will get something. We do have on credit card we don't know if secured or not. It's HSBC and we purchased ATV. Of course we made payments for sometime till we got into our hole. If HSBC claims and they get payment can they repo the ATV, or can we give them the ATV and them not be part of the claims. How does this work? I hope someone might know.
Thanks

[k2k04]

I'm not sure if your ATV is considered secured or unsecured. Your lawyer will advise you. However, if it is considered secured, your lawyer will ask you whether or not you want to keep it or give it back. If you want to keep it, HSBC cannot repo it. That payment will be a part of your plan. I'm not sure how it works if you decide to give it back (meaning if you still have to pay the difference in the value versus what you owe). It also depends on whether or not HSBC files a claim against you. With them it's usually hit-or-miss.

[justbroke]

So we filed chapter 13. My understanding is any creditor that claims will get something.

This is not true. Anyone that filed may get something, based on your disposable income and whether their claim is allowed.

We do have on credit card we don't know if secured or not. It's HSBC and we purchased ATV.

If it's a Mastercard or VISA logo, it is definitely unsecured!

Of course we made payments for sometime till we got into our hole. If HSBC claims and they get payment can they repo the ATV, or can we give them the ATV and them not be part of the claims. How does this work? I hope someone might know.

If it's secured debt (not MasterCard, VISA, American Express, Discover, etc) then you will need to either keep it and put in the Plan to be repaid, or you need to surrender it. Surrender means that they get to come and get it just like a repossession. Then they'll file an unsecured claim for the balance due after they sell it at auction.

If you purchased this with a straight HSBC Mastercard or VISA< then it's unsecured debt and the ATV is both unsecured and yours. However, if your exemptions don't cover it, the Trustee may want it, in order to sell it.