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CU repo and collecting for full amount of loan

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    CU repo and collecting for full amount of loan

    I posted years ago about my Chapter 13 case where I had to repay a percentage (forgot amount) of my accounts. During the proceedings I turned in my automobile and my boat to my credit union. The car I arranged for the pick up at the house and the boat I believe the marina it was at they had them sell it. I paid off that plan (4 yrs) and when I submitted my tax returns (late) they saw an increase in wages and threw out my whole case. The creditors were quiet for a few months but after while I got served papers for judgements from that credit union so I filed again for Chapter 13 but this time 100%. I looked over the paperwork and it seemed reasonable and I noticed the credit union was not listed on it and I started that plan with a 41K amount to be paid over 39 months. On the last month I requested an audit and was told the balance was like 60K more and to talk to my attorney. I went into an emotional tail spin but found out that the credit union added that amount and the amount I agreed to was just an "estimate" and it can change. I committed to paying it all off so kept paying until a few months ago I did the research through my old paperwork as see the credit union added the full amount of the payoff of the loan for the boat, automobile and the personal loan from the time the original time of the filing of the earlier bankruptcy. The attorney seemed to say that they can add whatever amounts they see fit by inflating fees, penalties and lawyers cost. She told me to call the creditor to ask what did they sell my assets for. I called and he said it will take awhile to find he info and he would call back but he didn't. I was stumped and unfortunately at the time behind in my taxes so was not in a position to contests anything. Now I am in a better I am trying to formulate a plan on addressing this so seeking input from anyone with advice or info on this.

    #2
    Johnworker1

    I have read your updated posts but I am confused. How many Chapter 13 cases have you filed and over what time period? Are you currently in Chapter 13? If so, what year was it filed and how long is the Plan?

    It appears that your cases are being dismissed towards the end of their cycles. If this is what is happening, this is not good as you may very well be wasting valuable resources ($$$) with no positive ending in sight.

    Des.

    Comment


      #3
      Originally posted by despritfreya View Post
      Johnworker1

      I have read your updated posts but I am confused. How many Chapter 13 cases have you filed and over what time period? Are you currently in Chapter 13? If so, what year was it filed and how long is the Plan?

      It appears that your cases are being dismissed towards the end of their cycles. If this is what is happening, this is not good as you may very well be wasting valuable resources ($$$) with no positive ending in sight.

      Des.
      Sorry I will work on my clarity. It seems when I get on here I can rant lol
      To be clear I only had one dismissed unintentionally 8/2016 the other was when attorney directed so we could refile.

      Here's a clearer timeline:

      I initially filed Ch 7 in 7/2010 and was declined.

      I filed Ch 13 shortly 1/2011 after and had a payment plan that was same as what I was already paying the creditors before bk. It was high and I had to work several jobs to pay it (which is why I filed in first place). Attorney responded you will pay off in 5 years and pay less interest over the life of the plan. After a year my wife lost her job and parents moved in with us so dad could get treatments so changed my situation so attorney suggested I stop paying to refile with new parameters.

      I refiled Ch 13 1/2012 with a much lower percentage (maybe 6-8%) and paid the whole plan but submitted tax forms late before discharge hearing and they saw an increase in wages and threw out the case at the discharge hearing around 8/2016

      I sat around upset hoping they would forget about me since I paid them off in one plan and when I got a summons for judgment so I filed Ch 13 100% around 4/2017 for 39 months.

      At the 39th month (9/2020) I requested an audit and that is when I found out I had to pay more (125% of original estimate). I am still currently paying in this plan and if nothing changes I will pay 225% of the estimate.

      Hope this helps
      Last edited by Johnworker1; 09-11-2022, 07:19 AM.

      Comment


        #4
        Originally posted by Johnworker1 View Post
        . . . I filed Ch 13 100% around 4/2017 for 39 months. At the 39th month (9/2020) I requested an audit and that is when I found out I had to pay more (125% of original estimate). I am still currently paying in this plan and if nothing changes I will pay 225% of the estimate.
        You are at the 60 month mark. Are you able to complete this case? Did you file all post petition tax returns and pay what was owed? Is there anything going on now that will interfere with you obtaining your discharge?

        Des.

        Comment


          #5
          Originally posted by despritfreya View Post

          You are at the 60 month mark. Are you able to complete this case? Did you file all post petition tax returns and pay what was owed? Is there anything going on now that will interfere with you obtaining your discharge?

          Des.
          If I go by the numbers that I have given I have about 39 more payments. I filed all tax returns and am in a payment plan with the IRS. Will the payment plan hamper my bankruptcy? I can pay them off but like to keep cash on hand since I have no credit.

          Comment


            #6
            I was doing more research and see the credit union filed almost 2 months after the confirmation hearing date. That is why I missed the increase in the total amount I had to pay because I already started making payments almost 3 months before they filed. I also see that the credit union listed all 3 loans (boat, car and personal) as unsecured on the National Data Center website.

            Comment


              #7
              Sorry, but I am not understanding the problem. I think you indicated that you were in a 100% Plan. Why? Were you trying to protect non-exempt assets or was it because your income was high enough to require payment of 100% of the unsecured debt you listed? Also, did the CU file a timely claim (on or before the claims bar date?) The claim that was filed, was it initially a "secured" claim and then amended to "unsecured" due to the return of the collateral?

              Assuming you ended up in a 100% plan due to high income, your commitment period is 60 months or until such time as all allowed claims are paid in full whichever comes first. At that point the Plan ends. So, in theory, once you make the 60th Plan payment, it should be over regardless of whether or not all general unsecured claims were paid in full.

              Without hands on, I really cannot come to a conclusion as to what is going on and/or what you should be doing. You really need to sit down with your attorney to figure out how the case ends with an appropriate discharge. If you have lost confidence in the attorney, maybe consult with a different one - one who, for a few bucks, will take the time to look at the docket, evaluate the entries on the docket and give you an opinion. You do not necessarily need to replace your current attorney. You just may need a "second opinion".

              Des.

              Comment

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