car loan modifications?

[floridian]

ive got a toyota truck that im about 10k upside down on and its financed for 72 months thru toyota financial...im current on payments..

i still havent decided what route im going to take in the bk, if at all...im just depressed..

has anyone had any luck getting better terms with their car loans?

[justbroke]

In my Chapter 13, I crammed down one of my cars (and changed the interest rate), as well as modified the interest rate on another vehicle.

[deadmonetree]

a chapter 13 is for 5 yrs right? so at the end of the 5 yrs you own your car? from what i understand they can only have you pay what you can afford. so if you can only afford 200.00 then that all you pay for your car and cc?

I am just curious how that works since youve been through it. we would like to keep our car also but at fmv since we are so upside down. not sure if that might be a better way?

[justbroke]

a chapter 13 is for 5 yrs right? so at the end of the 5 yrs you own your car?

Basically, it's either 3 years or 5 years, and in limited circumstances, some number of months between 3 years and 5 years.

from what i understand they can only have you pay what you can afford. so if you can only afford 200.00 then that all you pay for your car and cc?

No, this is not correct. Any debt that is secured by property is required to be either paid off during the Chapter 13, or at least make payments to keep it current. That means your car that has a loan on it, must be paid based on a formula (basically divides the balance by either 36 months or 60 months).

Now, unsecured debt, like credit cards will receive only what you can afford based on your allowable expenses versus your income.

[deadmonetree]

okay thanks for the info i was thinking that was pretty crazy!

[floridian]

my lawyer said that if i get a 13, i would only pay 2-3 hundred a month for 36 months...
so the car payment would be a separate deal? other words, it wouldnt effect my car payment?