We received today an objection to confirmation of our plan. We had a car that we consolidated with a credit card nearly a year ago. We put in our plan that we were going to pay for the collateral left on the car, but not the credit card portion of the plan in our chapter 13. They objected saying we used the wrong value of the vehicle (they of course have it listed in "excellent" condition, which it is far from), and don't like that we aren't paying their exhorbitant 17.5% interest. Attorney set it at 6%. What happens next? Do we have to do anything or is it done between attorneys? What happens if this can't be resolved before the 341 meeting? Is it likely that we will just have to pay for this vehicle longer (we were to pay it for 26 months in the front of the plan) or will we have to "find" the money in our budget? I'm very nervous and can't reach the attorney until Monday. : (
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5 Year Countdown of Chapter 13 plan:
February 2011: 2 months down....only 58 to go
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Nothing for you to do, apart from relaxing.
Your attorney will take care of the problem, it's not the first or the last objection of this nature he/she has come across, I'm sure.
"Finding" money in the plan is really the very last option that should ever get on the table, at least in my opinion.
Good luck.No person in their right mind files a Ch. 13 with lien strip pro se. I have.Therefore, please consider me insane and clinically certifiable when reading my posts, and DO NOT take them as legal advice of any kind.Thank you. -
Anyone else have any experience on this experience? I've seen lots of objections after 341 meetings posts but not many before your 341... What is the process? How likely is it that we won't be confirmed? How likely is it budget may have to increase? Anyone experience this?5 Year Countdown of Chapter 13 plan:
February 2011: 2 months down....only 58 to go Comment
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