Confused about creditor's objection

[simple_simon]

Well my joy over the trustee having no objections to my ch 13 plan went short-lived. Ford is objecting. This could be because of three things:
1) they don't feel the valuation of the vehicle was correct. It is a high-mileage vehicle & the plan is lopping off about 2k of the 7k owed as unsecured.
2) they are objecting to our expenses-who knows?
3) maybe they feel our income could push us to a 5-year plan. I would definitely have a fit it that happended.

Anyone have any ideas? Could some info be found in the pacer? I haven't looked at it yet.

I guess it is not required or recommended that I attend this meeting (I'll check with the atty). I still might go to be a fly on the wall.

If they are there in person, just can't believe they would travel hundreds of miles or spend unreimbursable legal fees of hiring a local atty to object over that amount.

I hope this is the only objection filed.

[bkfiler]

cars are objected to often id imagine. pacer should have the documents about it if somethign was filed. and yes it will explain what their problems are. they have to outline what their issues are.

as far as traveling 100's of miles: dont they have a local attorney? thats usualyl how these things work. also they usualyl work it out over the phone, email etc before they show up and one can even stipulate and just give the judge updates. thats how they like to see it work.

[SinkingFast]

National finance companies and CC's need attnys that specialize in BK law just like debtors do.

One of the attnys we consulted with suggested we contact a BK attny in our old home state. For a small fee, he/she could be a consultant in our BK. The attny here said the way the statutes/codes are written in the old home state may not be the way they are applied locally. Evidently, there's literal translation, and then there's application, which may not be one and the same. And that can vary from Court to Court as well. Ford will need someone who's familiar with the local turf.

[Jman30]

Funny, I had two loans with Ford Credit when I went in my Chapter 13 and they didn't object at all. My guess is that they feel the vaulation of the vehicle is too low - I don't even know for sure if they see your expenses or income. I believe all they see is a paper that says they are a creditor in a Chaper 13 and this is the amount of the debt, as set by the attorney.

[bkfiler]

i dont know what they look at either. but they too can see you paperwork. its right there on pacer and they can look at it.

[simple_simon]

I called the atty yesterday & found out that Ford's concern is over the payment schedule. I'm sure in most cases (as is mine) the atty & trustee's fees are front-end loaded while the creditors get virtually nothing for several months & the book value payments over the 36-60 month annuity. In my case the interest included is 8.5%; not sure if this varies. The atty said it will likely be resolved before the case date.

Oh well, these creditors had 20 days to dispute the confirmation & if how fast 1 creditor gets their share is the only speed bump we hit, I think we'll be okay.

[bkfiler]

great! so they are just being crybabies for cash. their problem lol