The day I filed Chapter 7, I only had 3 payments left on my truck and listed $1500 as being owed. Since filing I have made one payment and expect to make another by the time my 341 rolls around. I have been current on the truck and not behind any payments.
Since I will have paid $1000 in payments and will owe $1000 less than when I filed, does the trustee look at the current liability (2 months after I filed) or on the day I filed? I am assuming that the way my lawyer applied exemptions based on value-liability=equity (apply exemptions to equity) that the $1000 I will have paid is safe. Any thoughts?
I intend on keeping the truck, unless the trustee decides otherwise, which leads into another question. I passed the means test based on income, (Bush economics at work, undervalues my college degree) but my monthly expenses will obviously be reduced by $500 once I pay off the truck in October....is this a problem?
Thoughts...strategy...ideas? My lawyer just says don't worry, but I have quickly learned that he says that about everything.
Since I will have paid $1000 in payments and will owe $1000 less than when I filed, does the trustee look at the current liability (2 months after I filed) or on the day I filed? I am assuming that the way my lawyer applied exemptions based on value-liability=equity (apply exemptions to equity) that the $1000 I will have paid is safe. Any thoughts?
I intend on keeping the truck, unless the trustee decides otherwise, which leads into another question. I passed the means test based on income, (Bush economics at work, undervalues my college degree) but my monthly expenses will obviously be reduced by $500 once I pay off the truck in October....is this a problem?
Thoughts...strategy...ideas? My lawyer just says don't worry, but I have quickly learned that he says that about everything.
Comment