Upside Down

[nfpa30]

My budget including my car payment is upside down. If the car was removed I would be even. Will the judge allow me to keep my car?

[keepmine]

I doubt you'll have any issues unless the payment is above the $490 or so that is the IRS standard

[nfpa30]

Thanks very much!! This has been driving me nuts!

[basketsbears]

So can the judge just say "surrender" the car? If so, does that then throw you into a ch 13 if you don't have the car payment? Am I making it harder than it is?

Thanks!

[keepmine]

So can the judge just say "surrender" the car? If so, does that then throw you into a ch 13 if you don't have the car payment? Am I making it harder than it is?

Thanks!

No, the judge/trustee won't order you to surrender the car. If they feel the payment is beyond the IRS standards, the trustee will disallow the payment on your schedule J. Without the payment, you may have enough income to fund a 13.

[basketsbears]

OK - thanks!

No, the judge/trustee won't order you to surrender the car. If they feel the payment is beyond the IRS standards, the trustee will disallow the payment on your schedule J. Without the payment, you may have enough income to fund a 13.

[OhioFiler]

We were nearly $500 negative DMI and the trustee never blinked. He just asked if we were keeping both cars.

[basketsbears]

I think our DMI will be OK with both our vehicles (I am letting attorney figure everything, as I've said on previous posts, I was driving everyone nuts!). Our truck payment was lowered by about $55 per month, so not as bad as it was before. I cannot wait to file.