Payment Plan question

[toomuch]

We won't be filing until early summer. Just wondering if keeping one of the vehicles, with a payment of $550 a month, would reduce the pay back plan.
If we don't keep it, does that mean we give the trustee that $550 a month instead. If so, it would make more sense to keep the truck. You can tell I am still confused, even though I read about this every day of my life.

Thanks,

Toomuch

[bige1030]

Most probably so, especially if you don't end up spending that money on reasonable expenses.

[aa06a47]

We won't be filing until early summer. Just wondering if keeping one of the vehicles, with a payment of $550 a month, would reduce the pay back plan.
If we don't keep it, does that mean we give the trustee that $550 a month instead. If so, it would make more sense to keep the truck. You can tell I am still confused, even though I read about this every day of my life.

Thanks,

Toomuch

If you don't have the vehical payment, then yes, that money would be "disposible income" and the trustee would get it. I have posted several times that secured debt might be a good thing when filing bk, you get to keep the property and it is really less money for the trustee to get. It is best, in my opinion, to have a 2000 house payment instead of an 800 house payment (assuming you can afford the 2000 house payment) otherwise, 1200/month more would go to the trustee.

[treehugger1]

aa, what do you know about hanging on to two vehicles in a 13? One vehicle I purchased new in November, and the other vehicle I still have four years of payments on. Do you think I would be forced to let go of one of the cars? I do need both. I don't drive the Subaru except in winter and I live in a veyr wintery area. The newer Toyota gets far better gas mileage. I put approximately 1800+ miles on vehicles per month for my job. As you can guess, I'm upside down on both vehicles. The auto I bought in November already has 12K miles on it so its value is not even close to what I paid for it. I believe I can cram down the Subaru as it has been financed for more than 900+ days. I'm single, but I really do make use of the two very different types of vehicle. Since they are both secured, can I keep both in a 13? Maybe I should post this as a new thread.

[aa06a47]

aa, what do you know about hanging on to two vehicles in a 13? One vehicle I purchased new in November, and the other vehicle I still have four years of payments on. Do you think I would be forced to let go of one of the cars? I do need both. I don't drive the Subaru except in winter and I live in a veyr wintery area. The newer Toyota gets far better gas mileage. I put approximately 1800+ miles on vehicles per month for my job. As you can guess, I'm upside down on both vehicles. The auto I bought in November already has 12K miles on it so its value is not even close to what I paid for it. I believe I can cram down the Subaru as it has been financed for more than 900+ days. I'm single, but I really do make use of the two very different types of vehicle. Since they are both secured, can I keep both in a 13? Maybe I should post this as a new thread.

I am not sure if you can have two vehicals being single, but a good question for your attorney. If you need both vehicals, I would definatly go in with both vehicals on my schedule, do the cram down on the older vehical, and see if it flies.... Good luck with it.