Cram Down on Auto being challenged

[dmadm]

I filed my Chapter 13 October 28, 2010. I filed a chapter 7 in February of this year and all debt was discharged. I re-affirmed my auto and my residence is in foreclosure and I owe 62,000 in back taxes.

I filed my chapter 13 Pro Se and today I received my first obection to confirmation from my auto lien holder.

Do I respond to the objection or wait for the 341 hearing?

[despritfreya]

What does the objection state? You mentioned the a cram down. Have you had the vehicle for more than 910 days? If so, how did you calculate the value of the vehicle for the cram down? What does the creditor say it is worth and why? How far apart are you? If you have not had the vehicle for 910 days you cannot do a cram down.

Des.

[jetsfan2010]

Yeah I was 80 days short for my cram down. Cost me about 7k in total...

[dmadm]

Yes, I am over the 910, but the lenders attorney has the wrong date. I purchased my auto on 6/29/2007(34 recorded payments) . The lenders attorney has the wrong date 6/29/2009. I used the NADA book fair value for the cram down. The lenders attorney also stated that I did not provide an "adequate security" payment. I didn't know what that was until he mentioned it, so i will be sending that to the lender next week. It's $411.00 a month until confirmed. Then the lender questioned my monthly payments which was $1,300.00 less than his calculation to make the plan work. So, my calculations where rudhced and sloppy.

What does the objection state? You mentioned the a cram down. Have you had the vehicle for more than 910 days? If so, how did you calculate the value of the vehicle for the cram down? What does the creditor say it is worth and why? How far apart are you? If you have not had the vehicle for 910 days you cannot do a cram down.

Des.