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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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I bought a used car two ears ago. I paid a decent price for

Resolved Question:

I bought a used car two ears ago. I paid a decent price for the car, but got a very high interest rate because of my credit.

I recently filed C 13. The lie older filed a claim for the car but exaggerated the value of the car by 3-4,000. I listed the car in my Ch 13 plan at present market value but at 5% spread over 36 months of the plan, although only 24 months remain on the original contract.

The court has not objected to my plan, but I read elsewhere that I cant extend the length of the original contract.

I need to keep the car because I dont have $ for a new one and because I cant get financing at a decent rate.

Is my plan likely to get approved ?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

Customer:

Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.

Customer:

Your plan will be confirmed unless the lender objects to the plan. With the facts you provided, if the lender does object to the plan, it is unlikely that their objection will be ranted.

Customer:

As it is not true that the number of monthly plan payments cannot be greater than the number of outstanding payments per the contract.

Customer:

Typo: in the second sentence, te last word 'ranted

Customer:

should be ''granted".

cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
The CH 13 form says something about secured debts incurred more/less than 910 days. Would that apply in my case ?
Expert:  cfortunato replied 4 years ago.
Thank you for the positive rating.
The 910-day (2 1/2 years) rule is a car loan cannot be ''crammed down'' if the loan is less than 910 days old.
(''Crammed down'' means if the balance of the car loan is more than the book value of the car, then the debtor only has to pay back the book value of the car, not the balance of the car loan.)
Customer: replied 4 years ago.
Does the court have any latitude ?
Expert:  cfortunato replied 4 years ago.
Do you mean latitude to cram down a car loan that is less than 910 days old at the time of filing?
Customer: replied 4 years ago.
yes
Expert:  cfortunato replied 4 years ago.
No - the relevant statute does not allow a cram down that is less than 910 days old at the time of filing, and no exceptions to this rule are provided.
cfortunato and other Bankruptcy Law Specialists are ready to help you
Customer: replied 4 years ago.
Can I refile the objection after 910 days ?
Expert:  cfortunato replied 4 years ago.

The 910 days is only measured from before your Bankruptcy is filed. However, if no one has objected to your plan, there is no need for you to file an objection.