Objection to confirmation of Chapter 13 plan.. HELP !!!

[LadyInTheRed]

I'm with frogger. Let them come get their collateral if they want it.

Ask your attorney about amending your statement of intention to say that you are surrendering that collateral. They are trying to get more cash out of your BK. If you surrender the property, all they have left is an unsecured claim for the deficiency. They are very unlikely to want your stuff badly enough to come get it. But, if you call their bluff, you should be prepared to give it up if necessary.

[mikewindy]

I didnt know if this came up on the page or not so i will try again..
here i will just copy the paperwork for you. It was a signature loan where you put up collateral such as houssehold item and lawn equitments and thing of that nature .And thanks for all your help.
Objection to confirmation of chapter 13 plan
Creditor objects to the plan for the following reasons:
1)
A) The debtor provides in the plan that the creditor is partially secured as to both claims, and plans to pay only a portion of the entire debts.
B) creditor has 2 secured debts.
C) The debtor fails to devote all income to the chapter 13 plan as evidenced by debtors schedule and budget;therefore, creditor desires a modification to the plan which mandates all disposable income to be paid into plan.
2)
The security of creditors is worth more than provided for in debtors plan. The balance owed to creditor as to claim no. 1 x amount of money, inclusive of attnorney fees and the interested should be reasonable.The balance owed to creditor as to claim no. 2 x amount of money, inclusive of attnorney fees and the interested should be reasonable.
3) creditor should be paid concurrently with any administrative fees.
4) Creditor prays the debtor pay reasonable attnorneys fees incurred in connectin with filing this proceeding.
5) The debtor must recognize creditors security and plan to pay 100% of the valve of the collateral over a reasonable period of time with a reasonable rate.
6) Creditor objects to any claimed exemption as to its collateral.
7) The debto must revise the budget and schedules and pay all of the disposable income into the plan.
8) Creditor prays the confirmation be denied.

That is the whole letter now can you get heads from tails of this. Thanks so much

[HHM]

Sounds like your attorney is on top of it and knows how this creditor works, I wouldn't worry too much about it.

[mikewindy]

Thank you so much for all your help. I feel much better now bankruptcy is a very stressful thing to have to go through alone. I am so glad I found this site.

[mikewindy]

one more question i dont understand this line?
The debtor fails to devote all income to the chapter 13 plan as evidenced by debtors schedule and budget;therefore, creditor desires a modification to the plan which mandates all disposable income to be paid into plan.

[catleg]

That is probably boilerplate language they put in every objection. It's really the trustee's job to determine that.

[frogger]

Sounds like your attorney is on top of it and knows how this creditor works, I wouldn't worry too much about it.

Indeed. In your plan (on page two), you will probably have this:

5. Pursuant to 11 U.S.C. §522(f), debtor moves to avoid the liens of the following creditors, upon confirmation but subject to §349, with respect to the property described below: