Are there any circumstances that a Trustee cannot allow you to surrender your car? Especially if you know that you will have many more expenses in the future.( Dental work, contact lenses, taking classes, living without a roomate, etc.) Obviously, none of these things are in my expenses now, but they all will be for a fact, soon!
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From what I understand, under the new law, you cannot discharge your car loan and surrender the vehicle if you obtained the loan w/in the last three years.M&L From Michigan -
Originally posted by mlc
Is this true? I thought that you lost a cramdown for a chapter 13 if the car is 3 years old or less. You also must reaffirm in order to keep the car. If you have a year old car, lost your income or another tragady occured you can still surrender it and discharge the unsecured portion. Another thing you can onlly reaffirm if you have the income to do so. Before anyone reaffirmed whether they can afford the payments or not. Your lawyer must certify to this too.Comment
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My loan is less than a year old.Comment
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THe new law does not allow for cramdowns-if you want to keep a vehicle you have to follow the original terms that you have with the creditor.
You cannot be forced to keep a vehicle in BK though. That doesn't mean that you can claim 'maybe' type expenses and have a successful BK if without those expenses you have $$ to pay into a 13.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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I guess the info I found was (worded) wrong. Our attorney said we could get rid of dh's truck. Thank god.
So, you should be able to get rid of yours.
M&L From MichiganComment
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