chapter 13 questions

[EmmaH]

Does anyone have experience with 722 redemption in chapter 13? What I've read here mostly applies to chapter 7. I am currently 2 years into a chapter 13 and my car has approximately 133k miles on it. I don't think it will hold up much longer. Something is needing replaced regularly now. Any input on how this works would be most helpful.

Also, I am curious what happens if/when you sell your home in chapter 13? I am considering this possibly next year.

[EmmaH]

Please disregard the 722 redemption portion of this question. I just contacted them and they advised they cannot help anyone in chapter 13 under the old law. Don't know why. Guess I'll have to hope my car holds out another 3 years or until I can sell my home.

[keepmine]

If you sell or re-fi your home and the equity is more than your state exempts, look for the trustee to capture the excess and up the repayment amount for your unsecured creditors.

[Rob-NC]

I had some of the same fears when I first went into my chapter 13. about 2 years into the plan, I went through the steps of petitioning the courts/trustee for me to "incurr debt" up to about 13500 for the purpose of buying a car. It was nice that I had the letter stating I had the court's permission to do that; however, car dealers and lenders dont look at it that way and still was not able to get financing. Had to drive (and still do) a beater car.

[himey64]

try refinancing out of your ch13 early with the equity in your home. go to w..bankruptcy-library.com