Some questions on ch 13

[OceanDreams]

we will be filing ch 13 soon. I have asked an attorney about this...but like the insight offered here.

is it ok if we are 1 month behind on the car payment...it will be included in the BK and we are keeping. is it ok being behind...I am worried about this
we are keeping the mortgage paid within 2 weeks of the due date.
just stressful trying to keep it all going...so glad we are stopping pay on all the other creditors...I know there should be extra money
but we were obviously in the hole...to just trying to plan the budget till we file.....which should be about Dec 1st.
thanks

[justbroke]

The purpose of a Chapter 13 is to protect property. It has specific mechanisms to cure back payments. Missed payments are probably the most significant reason to file Chapter 13.

Unless you just recently purchased your vehicle, then your vehicle will be "re-amortized" over a new 5-year payback period. Your interest may go down on that as well. If the vehicle is more than 910 days since you purchased it, or you refinanced since purchasing, your attorney may be able to do some other things to reduce the amount you have to pay in the bankruptcy.

Just make sure you are not under threat of repossession just before filing as that could complicate things.

Otherwise, follow your attorney's advice.

[OceanDreams]

ok, thank you for the info. I feel a little better.