Chapter 13 car question

[s113]

I filed just over 3 years ago and have just under 2 years to go in my plan. I am in the process of trading in my truck (being paid for through the plan) for a new car that will be paid outside the plan.


I have a couple questions:


1) What is the average turnaround time to get your trustee-signed court order? The motion to incur debt was filed August 17 and the objection deadline was September 7, with no objections being filed.


2) How does this affect my plan base? At this point I've paid $32,900 into the plan and the base is $51,000. My attorney told me my bankruptcy payment will be reduced by the amount of the new car payment, so will the plan base be reduced by the truck's payoff (approx. $12,850 currently) when it is traded in, or will they just credit the truck's payoff toward the plan base? Assuming the latter, I guess that would leave me with about $45K having been paid toward the base, and (hopefully) just $5,000 or $6,000 left to pay it off.

[Nicollette]

I filed just over 3 years ago and have just under 2 years to go in my plan. I am in the process of trading in my truck (being paid for through the plan) for a new car that will be paid outside the plan.


I have a couple questions:


1) What is the average turnaround time to get your trustee-signed court order? The motion to incur debt was filed August 17 and the objection deadline was September 7, with no objections being filed.


2) How does this affect my plan base? At this point I've paid $32,900 into the plan and the base is $51,000. My attorney told me my bankruptcy payment will be reduced by the amount of the new car payment, so will the plan base be reduced by the truck's payoff (approx. $12,850 currently) when it is traded in, or will they just credit the truck's payoff toward the plan base? Assuming the latter, I guess that would leave me with about $45K having been paid toward the base, and (hopefully) just $5,000 or $6,000 left to pay it off.

I went through this exact same thing back in April of this year. Since the deadline was Sept 7, I believe you have to wait three additional days for mail time for any objections. If there aren't any, then you just have to wait for the BK judge to sign off on it. I think the judge in my case, signed the motion allowing me to incur debt, five days after the three additional mail days were given. Your plan payments will be reduced by the amount of the monthly car payment of your new vehicle. My monthly car note on my vehicle that I financed and am paying outside of my plan is $264. So my monthly payment to the Trustee was reduced $264.