3 vehicles in a Ch. 13

[InOverHead]

I know i need to speak with an attorney on this but wanted to get advice on here in the meantime. I have all but decided to file a Ch. 13, the main reason is i would like to get my 2nd Mtg stripped. Sorry to say, but i Honestly do not want to pay them any more...

It was never a good Mtg - First time Homebuyer (got worked on the deal w/broker THEN the Lost all equity) Home now worth maybe 100k and owe 210k. The 2nd is the real problem. I can pay $335 for 15yrs and STILL owe 35k Balloon. So essentially, on a 42k Note i make monthly payments totalling $60,300 and Still owe 35k!!

Well i know i signed the papers etc...and WOULD feel bad if i did not get the run around trying to get them to modify. They lied and lied and lied lost stuff never called etc lied and promised only then to be rejected becuase of what?? Oh the reason for the request in the first place - Not making ends meet on paper (hence digging into credit etc).

I have 3 vehicles in my name. None are paid for. All are about even equitywise. Sure, may sound luxurious, and partially is, the other part is that one of them is my Mothers. It was originally Mine, hers broke and she could not get another so now she has mine and pays what she can for it. The other is a truck that i need for work, and the other is well...a Luxury.

So what will happen? I have proof (checkstubs) that she pays me regularly. Am i allowed two?? I would really really like to keep all 3. Is the trustee gonna say get rid of one and use that money to pay unsecured debts, 2nd Mtg etc?

Please help with your info/expertise. Thanks!

[Floridagail]

My Bf is in same boat, let us know what you find out. I think if you were 100% payback to the secured and unsecured, it would not matter. but less it may. That is our thinking. We were 100 payback so we chose to not file 13 . and wait it out awhile.

[FishersMike]

My attorney advised you can only have one vehicle unless you are married and then can have two. So if you are married you may be able to keep all three if you can show the other vehicle is being paid by your mother.... but obviously you would want to talk to an attorney. But I do know if you are filing individual unless you paying 100 percent of unsecured you are probably not going to have all three vehicles.

[Pandora]

My attorney advised you can only have one vehicle unless you are married and then can have two. So if you are married you may be able to keep all three if you can show the other vehicle is being paid by your mother.... but obviously you would want to talk to an attorney. But I do know if you are filing individual unless you paying 100 percent of unsecured you are probably not going to have all three vehicles.

Must be a state specific thing re: what your attorney told you or maybe its the trustee him/herself that thinks that way, but we were able to keep all of our vehicles (3) and there are only 2 drivers.

[LadyInTheRed]

Like all assets in a Chap 13, you should be able to keep all 3 vehicles. If they have equity that you can't exempt (doesn't sound like it), that could create a minimum that must be paid to unsecured creditors during your plan. The real question is whether you will be allowed the expenses of 3 cars. You will probably have to take the money from other places in your budget. You aren't allowed to have luxuries while getting unsecured debts discharged. Keeping all 3 vehicles will proably make completing your Chap 13 more difficult than it needs to. You should consider letting the "luxury" car go.

The payments from your mother may complicate things a bit, so make sure your attorney knows about them.

[InOverHead]

My Bf is in same boat, let us know what you find out. I think if you were 100% payback to the secured and unsecured, it would not
matter. but less it may. That is our thinking. We were 100 payback so we chose to not file 13 . and wait it out awhile.

Do you know how the 100% payback to secured vs unsecured is determined? How long will you have to wait it out for??

My attorney advised you can only have one vehicle unless you are married and then can have two. So if you are married you may be able to keep all three if you can show the other vehicle is being paid by your mother.... but obviously you would want to talk to an attorney. But I do know if you are filing individual unless you paying 100 percent of unsecured you are probably not going to have all three vehicles.

darn...yep, single here.

Must be a state specific thing re: what your attorney told you or maybe its the trustee him/herself that thinks that way, but we were able to keep all of our vehicles (3) and there are only 2 drivers.

Sorry if this is too personal Pandora - wondering what state ur in?

[Pandora]

Nope, I'll tell ya VA is where I'm at.

And - LadyinTheRed is spot on with what she wrote - thats how it works. We got to keep ours because we paid them into our plan (non-exempt items).

[InOverHead]

How/where do the come up with the values? For example on KBB or nada i am about even or may be $1000 ahead. Auction value (which i believe is where they go if repossessed) would be significantly less. The condition also tweaks the numbers...

Letting go of my luxury car would be devastating! I have worked on this car and put so much into it...would be like losing a part of me. Not sure if i can do that.

I really do not mind paying back 100% to the credit cards. It's just those scuzz's that messed with me at the Mtg Co. that i do not want to pay!

[Floridagail]

It all goes by your disposable income, we did means test for 7 , it will give you idea of your disposable income ours was like 100% of ccs and 96% of second mortgage to get stripped. So we would be paying what we pay each month for 5 yrs ( for cc and second) and at the end of 5 yrs the debit would be gone.
Do the means test claim 2 cars, see what your disposable income is.
If you owe money,on your cars.you probably do not have enought equity to worry about..

[momofthree]

We were able to keep all 3 of our cars and our motorcycle, BUT we only had 1 car payment and we only claimed expenses for 2 vehicles (2 drivers). I think you're going to have an uphill battle arguing why you need to keep an extra car--especially a luxury car (w/payment), when you could instead pay that car payment towards your unsecureds each month.

Not sure how your mom's car will play into the equation.

[enginegirl]

To the OP in this thread.... If you are in Broward County, the trustee in this area WILL question the 2nd luxury car.... I saw her do this with other Luxury items to others that were not paying back 100% (and if you are striping your 2nd mortgage/HELOC you will not be paying back 100%!) ..... sucks.. and feels like a punishment (I got rid of my beautiful paid off BMW for a "nice" Mazda ).

[InOverHead]

It all goes by your disposable income, we did means test for 7 , it will give you idea of your disposable income ours was like 100% of ccs and 96% of second mortgage to get stripped. So we would be paying what we pay each month for 5 yrs ( for cc and second) and at the end of 5 yrs the debit would be gone.
Do the means test claim 2 cars, see what your disposable income is.
If you owe money,on your cars.you probably do not have enought equity to worry about..

Gail, Wondering what the benefit of waiting is for you? Are you hoping for a change in life circumstances, or putting more distance between purchases and filing date?
All i can think about is the sooner i file the faster i can begin repairing! But you may know something i don't that i need to know!

We were able to keep all 3 of our cars and our motorcycle, BUT we only had 1 car payment and we only claimed expenses for 2 vehicles (2 drivers). I think you're going to have an uphill battle arguing why you need to keep an extra car--especially a luxury car (w/payment), when you could instead pay that car payment towards your unsecureds each month.

Not sure how your mom's car will play into the equation.

Thanks for replying! That's wonderful you could keep yours I totally agree - uphill battle all the way. In fact, reading on here the past day or so has made me question this (what i thought to be) inevitable decision, the motives behind it, and of course probability of success. Last thing i want to do is hire an atty, then find out it's not gonna get confirmed...hopefully whenever i do the consultation he/she will have a good understanding of the Trustee/Judge in my area and alleviate or confirm my concerns.

To the OP in this thread.... If you are in Broward County, the trustee in this area WILL question the 2nd luxury car.... I saw her do this with other Luxury items to others that were not paying back 100% (and if you are striping your 2nd mortgage/HELOC you will not be paying back 100%!) ..... sucks.. and feels like a punishment (I got rid of my beautiful paid off BMW for a "nice" Mazda ).

Thank you for the info, enginegirl. I am in the next one up...not that it would make much difference anyway. I mean i am here on this forum in the first place becuase no matter how many scenerios i run thru my mind i cannot imagine someone NOT questioning me. I must come to terms with the fact that the situation i put myself in dicates either losing some of these valued possessions or fulfilling ALL my obligations - No matter how many years it takes to do just that. I guess i was just looking for an easy way out that doesnt seem to exist.

Why did you have to give up the BMW? were you forced into it? I am assuming Ch. 13 BK (hey i know they're not Beemers but the 6cyl 626's are pretty nice imo)

[enginegirl]

Why did you have to give up the BMW? were you forced into it? I am assuming Ch. 13 BK (hey i know they're not Beemers but the 6cyl 626's are pretty nice imo)

it was a 335i conv.... broke my heart .. it was an 'asset' as it was paid off and WAY WAY above the $1000.00 exemption allowed... the Mazda is a good car (cx7) but a slug and no black betty bam- a- lam (as beemer was named). I will have it all back in time.... 57 months and counting!!
You have to keep a positive mind, and know it will all be better in the long run.... there is never an easy way out, but all of this will some day be over. (although I doubt my condo will ever be worth what I originally paid for it... thank goodness for the chap 13 lien strip.. see bright side!)

Good luck to you in what ever you decide to do.