We our paying both cars through our 5 year plan. Our car payments add up to around $1300/month for both cars. Our trustee is only paying roughly half of that for the first 6-12 months as most of our payment is going towards lawyer fees. When the lawyer fees are completely paid, then the auto finance company will get paid more. My question is, if Honda is only getting roughly half of the $1300/month now, is there any way they could repo the car? I am almost sure there is no way but it couldn't hurt to ask. I assume since both loans will be eventually paid within 5 years, they can't do anything about it. Thanks.
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No, Honda cannot repossess your cars. The minute your case was filed the cars were both protected by your automatic stay. Honda has to take whatever your trustee sends them whenever it's sent. There's not a thing Honda or any other lender can do about it unless your Ch 13 is dismissed for some reason. As long as you make your Ch 13 payments on time without fail, that isn't going to happen. So relax. Put your feet up. Work on your budget. Live long and prosper!
I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
Thanks lrprn. I just hope the next 5 years fly by!Comment
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