Hello,
This is my first post, so bear with me. I just found this site within the past week and I've been searching for a question similar to the one I need to ask. I couldn't find anything so here goes:
I'm learning that every case is very different. My wife and I filed Bk 13 in early 2007. Because one of our car payments wasn't in our name (was in the name of a family member...long story) the trustee would/could not accept that we paid the monthly bill. The trustee objected to the car expense and modified our plan to run longer than 60 months. So the plan is scheduled to run about 70 months total.
My wife and I are anxious to move on and we spoke to our lawyer about our options. He stated that since we filed after that magical date - October '05, I believe - that we were not able to buy out early, BUT since we have already gone past 60 months we could use our tax refund and a small cash gift from a family member to pay off the balance.
I haven't found any information on this anywhere. I've just seen people say that if you want to buy out early you have to pay 100%, but our lawyer indicated that is true if you are less than 60 months in.
Our attorney is rather nonchalant about this, but I'm worried. I have the money between our tax refund and a cash gift from a relative to pay for what would amount to our remaining payments.
So we come to my question: What is the likelihood that I send in the remainder of my payments and the court keeps the money (around 7K) and I have to continue making payments anyway?
Any input is appreciated.
Thanks,
W
This is my first post, so bear with me. I just found this site within the past week and I've been searching for a question similar to the one I need to ask. I couldn't find anything so here goes:
I'm learning that every case is very different. My wife and I filed Bk 13 in early 2007. Because one of our car payments wasn't in our name (was in the name of a family member...long story) the trustee would/could not accept that we paid the monthly bill. The trustee objected to the car expense and modified our plan to run longer than 60 months. So the plan is scheduled to run about 70 months total.
My wife and I are anxious to move on and we spoke to our lawyer about our options. He stated that since we filed after that magical date - October '05, I believe - that we were not able to buy out early, BUT since we have already gone past 60 months we could use our tax refund and a small cash gift from a family member to pay off the balance.
I haven't found any information on this anywhere. I've just seen people say that if you want to buy out early you have to pay 100%, but our lawyer indicated that is true if you are less than 60 months in.
Our attorney is rather nonchalant about this, but I'm worried. I have the money between our tax refund and a cash gift from a relative to pay for what would amount to our remaining payments.
So we come to my question: What is the likelihood that I send in the remainder of my payments and the court keeps the money (around 7K) and I have to continue making payments anyway?
Any input is appreciated.
Thanks,
W
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