Question about 13 payment

[slydog1967]

I am still in limbo wether I am a 7 or 13 at this point but I have a question about payments, I have a car that will be paid off in 14 months, I have read on hear that they will most likely put this in the plan. My question is if my vehicle payments are $500 a month can my 13 plan payment be less than that. The vehicle would be the only secured debt in the plan all other would be unsecured. We will not be in a 100% plan.
My lawyer has worked up a plan that does not have the vehicle in it and I believe the trustee will make us put it in, we dropped some expences on J to make a workable plan, my worry is that they will make us put the car in the plan and we will have a larger payment than needed.

Thanks

[isitreal]

I'm not sure if the trustee will make you put it in or not. I wanted to keep my car out of the plan, because I figure it wont last 60 more months anyway. I will be able to trade it in after I have it paid for. Otherwise, it is a bigger mess trading a vehicle in that is included in your plan. My attorney worked up a plan that we pay less for 2 years and more for the final 36 months AFTER the car is paid off. I currently owe another 18 payments or so on the car.

[wayne-o]

in my 13, they took the remaining balance on my car, and spread it out over the 36 months of the plan. so my $450 car payment went down to like $150. and the trustee set what the interest rate was

[$$only4ever]

I am under the old law and chose to pay my car payment outside of plan.

[krielly]

I'm not sure if the trustee will make you put it in or not. I wanted to keep my car out of the plan, because I figure it wont last 60 more months anyway. I will be able to trade it in after I have it paid for. Otherwise, it is a bigger mess trading a vehicle in that is included in your plan. My attorney worked up a plan that we pay less for 2 years and more for the final 36 months AFTER the car is paid off. I currently owe another 18 payments or so on the car.

Just remember that whether or not your actual payment is "in the plan"........your car technically IS in the plan. You will need permission from the trustee to trade your car, and get financing for a new one. You will also more than likely have an extremely difficult time finding a lender to lend to you in an active Chapter 13. Not trying to be a killjoy here, but if you haven't filed yet, you should probably try to trade BEFORE that........ Speak with your lawyer and I'm sure they will tell you the same.
Also - if your plan includes paying MORE after the current vehicle is paid off, you will probably have difficulty getting the trustee to approve a purchase, because with an increased 13 payment, your budget won't allow for a car payment like it does now.

Again, not trying to bring you down, but these are important things you need to know.

K

[qwertysue]

Our car payment was $348 a month. Our plan payment, including our crammed down car payment is $400 a month. 110k-ish worth of claims being paid @ around 12%, 5 year plan.

There was some talks between our lawyers and the auto company as far as interest rate and fair market value. None of it had any impact on how much our plan was---the auto company objected to the plan after our 341 meeting.

.