Hello -- you asked:
What will it cost to dismiss?
A: Dismissal will require a noticed motion, and probably a hearing. I'd probably charge you an additional $1,000 for the work.
What happens to all of the $8000 I have already paid?
A: If you mean, "paid" to the creditors, the money reduces your debts to the extent that the creditors have received payment. Can I just go write a check for the car?
A: This is a very difficult issue. There are actually four different opinions by different bankruptcy courts
, consequently, you will have to ask your attorneys which opinion is likely to prevail in your case. It's simply impossible for me to answer this question, given the current split of authority among the courts. Ask your attorney to research the "tension" between Bankr. Code
Sections 1327 and 1306."
Should I dismiss at all?
A: Based on the limited info you've provided -- probably not, because, I have a feeling your inheritance will be used to pay creditors, whether or not you dismiss. A 5% plan where you have already paid $8,000 over two years, suggests your total plan covers debt of about $400,000. Consequently, you will still need your bankruptcy plan, even with the inheritance.
The main question concerns an immediate purchase of the vehicle. I believe you can get consent from the bankruptcy trustee
to do this, even if the case law is against you. But, your plan will probably have to be modified to make equivalent payments to your creditors so as to cover the cost of the vehicle over the three-year remainder of the plan.
Hope this helps.