I signed my consultation agreement with my attorney on 6/03/2011. I signed my contract for Chapter 13 attorney services on 6/17/2011. I filed for Chapter 13 on 6/17/2011. I didn't read any books nor do on line research on the subject of bankruptcy before I filed - I simply knew I had no other choice so there was nothing really to research as I was basically out of time.
Since then I have done a lot of research and have learned quite a bit about the bankruptcy process, especially Chapter 13's. One piece of the process I didn't really think of until it happened the first time was objections.
The 1st one I received was from TD Auto Finance (Chrysler). The attorney wrote my car into the plan. I had 2 years of payments left, and he said to save monthly the car (for which I now pay $525/month) in the plan would spread out paying off the car from 2 to 5 years providing a monthly cash flow cushion. The car is jointly owned by my wife, not just by me. TD Auto said they should receive adequate protection payments based on NADA value of the car which calculated to $418.50/month. My attorney denied.
The 2nd objection I received was from my trustee (post 341 meeting objection). My attorney had a Capital One CC in the plan which happened to be a jointly owned debt with my wife. Trustee stated the CC should be paid 100% but with Capital One currently in the plan one creditor cannot receive a 100% dividend on the monthly payment. With this provision in the plan my filing was deemed not filed in good faith. The 1st amendment to the plan was signed 08/11/2011 which now lowered my plans monthly payment.
So what objection hurdles have you faced?
Since then I have done a lot of research and have learned quite a bit about the bankruptcy process, especially Chapter 13's. One piece of the process I didn't really think of until it happened the first time was objections.
The 1st one I received was from TD Auto Finance (Chrysler). The attorney wrote my car into the plan. I had 2 years of payments left, and he said to save monthly the car (for which I now pay $525/month) in the plan would spread out paying off the car from 2 to 5 years providing a monthly cash flow cushion. The car is jointly owned by my wife, not just by me. TD Auto said they should receive adequate protection payments based on NADA value of the car which calculated to $418.50/month. My attorney denied.
The 2nd objection I received was from my trustee (post 341 meeting objection). My attorney had a Capital One CC in the plan which happened to be a jointly owned debt with my wife. Trustee stated the CC should be paid 100% but with Capital One currently in the plan one creditor cannot receive a 100% dividend on the monthly payment. With this provision in the plan my filing was deemed not filed in good faith. The 1st amendment to the plan was signed 08/11/2011 which now lowered my plans monthly payment.
So what objection hurdles have you faced?