We have a leased vehicle with payments of $678/mo. It's a large truck with 4 doors. I know, high payment, but... we need something that can haul 1 ton of wood pellets, as that is how we heat our home. We also have 2 small children (2y and 4months), so need something reliable with 4 doors. So, the truck, while expensive, is cheaper than 2 vehicles to meet these separate needs.
ANYWAY - We need to do a Ch13 to strip the HELOC so we can afford to stay in our home. We don't want to lose the truck, but really can't afford the high payment. Can we buy out the lease (if I can find financing!) and then include it in the Ch13 payment plan? How does that work? Do they modify the loan? Because the preliminary info we received from the credit union (who screwed up our credit by reporting us 30 days late on this lease when we weren't due to a computer error and started this whole snowball of credit cards hiking up our interest to 30%
) is 18% interest!!! We can't afford to keep it at that payment either. So, what happens with that loan in the Ch13?
ANYWAY - We need to do a Ch13 to strip the HELOC so we can afford to stay in our home. We don't want to lose the truck, but really can't afford the high payment. Can we buy out the lease (if I can find financing!) and then include it in the Ch13 payment plan? How does that work? Do they modify the loan? Because the preliminary info we received from the credit union (who screwed up our credit by reporting us 30 days late on this lease when we weren't due to a computer error and started this whole snowball of credit cards hiking up our interest to 30%
) is 18% interest!!! We can't afford to keep it at that payment either. So, what happens with that loan in the Ch13?
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