My lawyer is telling me the courts will make me give up my ATV, unless I could prove it is for farm use, which its not (I do not live on a farm). I am still making payments on it, roughly $200/month. I notified the bank that I have good standing with and told them what I was doing and the loan officer said they would not collect the ATV if I continued to make payments on it, does this sound right? I figured the courts would not allow it, and I would have to make payments on it inside the chapter 13 plan, like if it was given up and sold at an auction. I don't have a problem giving it up because more is owed on it than what its worth.
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I think what your attorney is telling you is probably that the court will not allow your ATV payment to be an allowable living expense, for the purposes of calculating what your monthly 13 payment will be.
Of course the bank is more than happy to let you keep it provided you continue paying for it
If indeed you don't mind giving it up, and you are upside down on it anyways, by all means, I would say you should let it go....... No point in trying to keep it if you are upside down on it, and you will still have a $200 payment on top of all of your disposable income to pay into the plan.............
JMHO! Good luck!
KYou can't have your cake and eat it too. But you can dip your finger in the bowl and lick the icing
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