Join the 9 million people who found a smarter way to get Expert help

Recent Cram Down questions

I am a homeowner with close to $35,000 in credit card debt.

Good morning, I am a homeowner with close to $35,000 in credit card debt. I find myself in a deficit of about $250/mo paying mortgage, household expenses, and credit card payments. Would I be eligible for bankruptcy? Thank you,.

Read more

Terry L.

Partner

Doctoral Degree

2,906 satisfied customers
I have some questions about selling my home during my

I have some questions about selling my home during my Chapter 13 case.I'm a pro se chapter 13 filer with a confirmed plan. I am considering selling my residence and I want to estimate the costs of withdrawing from the Ch. 13 and selling on my own vs. putting in a motion to sell the property and selling it during the chapter 13 case.Most of the debt to be paid through my plan is secured. First, there is my mortgage company (with arrears specified to be paid through my plan - the mortgage company properly filed their proof of claim). Then there are 2 liens from my condo association attached to the property (the association did NOT file a proof of claim by the deadline for these). Finally, there is a lien from American Express attached to the property (American Express filed proof of claim properly).. If I obtain approval to sell during my Ch. 13 case, how are disbursements to those creditors handled? Does the trustee pay them and get his % commission on those payments? Is he also commissioned on payments made to the real estate/legal professionals approved to be paid from the sale?As far as debt included within my plan that is not attached to my property, there is a $2300 crammed down title loan (the title loan company was noticed but *did not* file a proof of claim) and a $775 claim from a credit card company (they filed proof of claim properly). Will the trustee only pay the credit card company from the sale proceeds (as the title loan co. did not file proof of claim)?Finally, can you give me an estimated amount of time it might take for the trustee to disburse the excess funds from the sale to me? There is plenty of equity in the home to pay all of my creditors (secured and unsecured....though some have not filed proofs of claim).

Read more

Terry L.

Partner

Doctoral Degree

2,906 satisfied customers
In Los Angeles California. I filed bankruptcy chapter 13.

In Los Angeles California.I filed bankruptcy chapter 13.What forms are used to apply for an interest reduction and debt reduction on car payments and balances?Or is that at the entire discretion of the judge?

Read more

DrakeLAW

Juris Doctorate

948 satisfied customers
We are a nationwide commercial finance firm based in

We are a nationwide commercial finance firm based in California. We financed a Kenworth truck to a diver-proprietor in Missouri. The truck cost $36,900 and the debtor put $9,225 down so that the amount financed under the Equipment Fince Agreement came to $27,675 plus some upfront fees.The transaction was guaranteed by debtor's spouse and his LLC entity. The debtor and his spouse defaulted after making their second payment in April 2016. In June 2016, they filed Chapter 13 in the Western District of Missouri and we filed a Proof of Claim of $50k representing our remaining receivable balance. Then the debtors filed an Objection to our Claim saying "the claim should instead be allowed as a secured claim in the amount of $26,951 because that represents the amount unpaid on the "total advance" under the contract as of the filing date of the bankruptcy". How can we fight this cram down?Thanks.

Read more

38,828 satisfied customers
I have some technical questions regarding a Ch. 13 Modified

I have some technical questions regarding a Ch. 13 Modified Plan that my trustee has an objection to (I am a pro se filer) --Within the Plan in its current form, I have proposed to make adequate protection payments of $30.63/month to TitleMax on a title loan (which I also have made a motion to 'cram down) *until* such time as the trustee begins making those payments out of my plan funds. I proposed these protection payments to ensure that Titlemax does not repossess my vehicle during the time prior to my plan confirmation (i.e., prior to the time the trustee begins paying Titlemax). The trustee objects on the basis that I did not subtract the $30.63/month payments on Schedule J as an expense. Currently, my proposed plan payments are $88/month; subtracting the $30.63/month would make them $57.37/month. I am confused in that I am under the impression that I can stop making the adequate protection payments to TitleMax once my plan is confirmed and my trustee starts paying them....is my understanding correct?...and if it is: If I am to amend Schedule J + my Plan *now* to reflect the current $30.63/month payments to TitleMax....would I then also need to amend Schedule J + my Plan once it is confirmed (as the $30.63 no longer will be an expense after the trustee begins making the payments to TitleMax) ?I have included screenshots of the Trustee's objection as well as the sections of Schedule J and my Modified Plan that are in question.

Read more

DrakeLAW

Juris Doctorate

948 satisfied customers
This is a chapter 13 cram down question. The Debtor has a

This is a chapter 13 cram down question. The Debtor has a loan against a vehicle which was obtained (the loan) less than 910 days ago. However, it is NOT a purchase money security interest, only a secured debt. Can the Debtor cram this down to pay only the collateral value back through the plan? Thank you in advance for your assistance.

Read more

Maverick

Doctoral Degree

7,150 satisfied customers
This is a chapter 13 plan question...If the debtors purchased

This is a chapter 13 plan question...If the debtors purchased a storage building that is a pmsi, but it was purchased within the last 910 days, can this be crammed down like on a vehicle or does the full amount need to be paid? thank you in advance for your assistance...

Read more

Maverick

Doctoral Degree

7,150 satisfied customers
I am 2 months into a Chapter 13 bankruptcy (waiting on my

I am 2 months into a Chapter 13 bankruptcy (waiting on my official plan confirmation). Within my plan, I 'crammed down' a vehicle title loan that I obtained from TitleMax of Virginia. I was just reading over the agreement I signed with TitleMax and noticed that my becoming "subject to a bankruptcy proceeding" is defined as an "event of default". The agreement goes on to list TitleMax's remedies in the "event of default". I have been under the impression that as long as adequate protection payments are being made to TitleMax (until such time as my trustee begins distributing payments to them from the plan), then they cannot repossess my vehicle? (I am a Pro Se filer by the way). I have attached a photo of the specific sections of the agreement in question.

Read more

DrakeLAW

Juris Doctorate

948 satisfied customers
In a chapter 13, If a creditor has a second mortgage that is

In a chapter 13, If a creditor has a second mortgage that is only partially secured by the actual value of the property, is the whole amount considered secured even if the value doesn't support it?

Read more

Roger

Litigation Attorney

Doctoral Degree

34,214 satisfied customers
View more bankruptcy law questions
In The News