auto cram down

[mjc]

Hi all I filed a chapter 7 2002 here I am again.My laywer seems to want to do a chapter 7 but I perfer a 13 due to late payments 30 days on mortgage.The car a 3008 with 128,000 miles due driving 200 miles a day to work and back.I owe over 14,000 but true value is 4,100 could I add this car to my petition and pay its true value 4,100 in the plan? I dont think this laywer is even aware of the 910 day auto cram down.I also dont understand his egagerness to do an over median 7.I have less then 15,000 cc debt and a under water mortgage want to keep house.I am getting nervous if this goes wrong i will lose house and car......

[SMinGA]

When did you buy the car? If it was over 910 days ago, then it would be eligible for cram down BUT the valuation method depends on your district/trustee. Where I am, they use NADA retail value which is higher than what (I think) my vehicle is really worth.

If you are in only $15k debt, and falling behind on your mortgage - will you be able to make a plan payment? That would be my first concern for you. You must have DMI, and since you say you're over median you'd be paying for 5 years.

For your mortgage - if its underwater, why do you want to hang onto it? Do you have a 1st & 2nd or just a 1st? If there is a 2nd, is the value of the home less than the amount owed on the 1st?

[mjc]

Thanks for the reply,I meant a 2008,the lawyer came up with that price and blue book is pretty close but closer to 5,000.The car was purchased Nov 07 I did the means test myself and I failed it,but the lawyer seems to think I missed some exemtions.The house has only has 1 mortgage no other liens.I am afraid of having to rent again I went through the credit check hassle and denial before because of a chapter 7.Maybe he is right he recomends letting the car go.I still am having problems with mortgage catch up.I am wondering if the house is not current by the time the 341 meeting comes WFB will foreclose for sure.That is why i was figuring a 13 over the 7.