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Ch 13 Cramdown Car When to stop paying if Im current

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  • Ch 13 Cramdown Car When to stop paying if Im current

    Hello,

    My story is we are just overloaded in debt so hubby and I going to file a ch 13 in Dec. this year. Just as soon as we can pay off our lawyer. He has told us our payment amount and that includes our two car loans that are over 2.5 years old so they will be crammed down. Both cars are being paid on time and are current. At what point do we stop paying the car payments? Once we file and they start the wage deduction or do we keep paying on them until the plan is confirmed? My thought is the wage deduction will start the last pay in Dec. and that is when I will stop paying the two cars. Is my thinking right or will that screw something up?

  • #2
    I wouldn't stop paying until I'm sure I'm going to file less than 75 days from that point I stop. (The 75 days is somewhat arbitrary, but I don't see a vehicle being repossessed after 60 days past due... but it's definitely likely at 90 days past due.) That way you can also deal with the arrears inside the plan and cram down the vehicle in the Chapter 13.

    Once you file and you include them in your plan, any payment received by the Trustee is on-time payment to them. Additionally, the automatic stay prevents them from taking any action, including repossession. This is especially true when the vehicle is in the plan.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      I did quit paying, we filed on November 1st. But we got a letter in the mail to keep paying on our secured property until plan is confirmed??? However we have not paid and they have closed our online accounts so i don't think we could not pay even if we wanted too.

      Comment

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