Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

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About chapter 13...please help!!!! :(

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  • About chapter 13...please help!!!! :(

    Maybe somebody has answered this question before but i am SOOOOO new at this I have not found the answer yet!

    I have $60,000 in unsecured debts (credit cards, personal loans etc). I am financing a car and a motorcycle with a Credit Union and these 2 accounts are the only ones current.

    I have a credit card and a personal loan with the same credit union which i have not paid for 6 month now. Since CU have the cross collaterization clause, my car and motorcycle are considered collateral for my cc and loan.

    At this point, i would like to keep the car & bike, file BK to erase ALL MY UNSECURED DEBT (100%) and just renegotiate the motorcycle and car payments.

    QUESTION: Is chapter 13 my best option?

    Thanks for your help!

  • #2
    Have you talked to anyone in collections at your CU? Our auto payment was current--and only owed around $700 on it, but we were 90 days on the credit card, about $3000 and they told me that they had attached that debt to the truck and would repossess it if we didn't pay. It's now all in our chapter 13. Probably won't see that title for 60 months!

    Gather your information and meet with some attorneys--free consultations and see what they say. Good luck!
    Filed Chapter 13 4/14/10
    341 Scheduled for 5/26/10
    Plan Confirmed 9/17/10


    • #3
      This is what a lawyer told me....

      I visited a lawyer today who is well reknown in my area. This lwayer has more than 20 years of experience, appears on TV & radio programs and seems to be pretty good.

      I explained to him that i would like to ERASE all unsecured debts (100%) and just keep paying for my car (i currently owe the same amount that its worth in the market)

      To make the long story short, he told me to go with chapter 13. That way all my unsecured debt will be wiped out and he can help me refinance the car in order to keep.

      Since i am constantly checking and reading all over the internet, so far i havent found any article assuring that chapter 13 can do that which makes me doubt...

      Can somebody PLEASE confirm if he is right? Can chapter 13 allow me to keep my car and erase all my unsecured debt (100%)?

      Thanks for your imput.


      • #4
        Originally posted by Cycle View Post
        Can somebody PLEASE confirm if he is right? Can chapter 13 allow me to keep my car and erase all my unsecured debt (100%)?
        Yes, but so can a Chapter 7. Much of this depends on your income and expenses. Are you behind on payments with your car?

        Also, the attorney was being very general. Yes, you can discharge all your unsecured debt. However, your Chapter 13 will last for 3-5 years -- in most situations -- and you may have to pay back a certain percentage of your unsecured debt to those creditors over that time.

        Read the U.S. Bankruptcy Court's explanation of Chapter 13.
        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.


        • #5
          Originally posted by justbroke View Post
          Yes, but so can a Chapter 7. Much of this depends on your income and expenses. Are you behind on payments with your car?

          Also, the attorney was being very general. Yes, you can discharge all your unsecured debt. However, your Chapter 13 will last for 3-5 years -- in most situations -- and you may have to pay back a certain percentage of your unsecured debt to those creditors over that time.

          Read the U.S. Bankruptcy Court's explanation of Chapter 13.

          Thanks for the reply.
          The car is being financed with a Credit Union where i also have a credit card and a personal loan. I am behind on these 2 last but current with my car.
          But according to the Cross collaterilization clause, the car will be collateral for the other two.

          How does the percentage work? it is required to included all the other debts?
          If so, ch 13 does not wipe out all unsecured debts, right?


          • #6
            Cycle, I merged your two threads. Both are asking the same related questions. It's against our forum rules to post two threads on the same topic, especially in the same forum.
            I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

            06/01/06 - Filed Ch 13
            06/28/06 - 341 Meeting
            07/18/06 - Confirmation Hearing - not confirmed, 3 objections
            10/05/06 - Hearing to resolve 2 trustee objections
            01/24/07 - Judge dismisses mortgage company objection
            09/27/07 - Confirmed at last!
            06/10/11 - Trustee confirms all payments made
            08/10/11 - DISCHARGED !

            10/02/11 - CASE CLOSED
            Countdown: 60 months paid, 0 months to go


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