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How do I fill out the form in the plan section/area of the…

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How do I fill out...
How do I fill out the form in the plan section/area of the documents in a Chapter 13 forms to cramdown my car?
The remaining claim on the loan/note is $11,000. I want to set it off to the current value of the car at $5,500 2005 Chevy Impala at the current 17% interest rate. But my problem/question is in the-writing/filling-out-the-forms--putting numbers in their correct place/spaces on the formsAnd also for example what class of claim would it be treated as? Also what columns do I put the numbers? Lastly I am current on the car payments--never been behind--no arrearages. Thanks, XXXXX XXXXX
Submitted: 8 years ago.Category: Legal
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Answered in 28 minutes by:
6/16/2010
Lawyer: Ray, Lawyer replied 8 years ago
Ray
Ray, Lawyer
Category: Legal
Satisfied Customers: 48,915
Experience: 30 years in civil, probate, real estate, elder law
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Thanks for your question.The court would want ot know what the equity value of vehicle is here.Thats value minus debt or loan amount.Here is a sample form for you to see how to complete it.

 

http://www.moranlaw.net/13plan.htm

 

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Lawyer: Ray, Lawyer replied 8 years ago
Now that you have filed a Chapter 13 the payments will fall into three categories:
  1. Secured creditors will be paid "outside" the plan. This will include fully secured first mortgages and possibly second or third mortgages as well, consult with your attorney and be very clear on who should be included in this category. Payments to this group should be made regularly directly to the creditor, just as they were supposed to have been made before you got into trouble or filed bankruptcy. In other words, if your payments were due on the first of the month the next time the first rolls around you should make a payment. Failure to make these payments will be grounds for these creditors to ask for relief from the automatic stay and proceed with foreclosure on your property.
  2. The next group will consist of unsecured creditors who had accrued debt before your bankruptcy petition was filed, as well as certain unsecured portions of secured creditors and any other debt you proposed to pay "inside" the plan. All of these people will be paid through the Chapter 13 Trustee, you will write one check each month to the Chapter 13 Trustee, the Trustee will distribute funds from there. I would recommend that you not under any circumstances speak with or directly pay any creditor in this class any money that was owed directly prior to the bankruptcy filing. Any negotiations, which may involve reaffirmation of debt or payments outside the plan, should be strictly negotiated by your attorney. Creditors will likely try to contact you personally in attempt to have you reaffirm old debt or pay them money. Your only contact with them should be an instruction that they must speak with your attorney. Do not give them any money, do not sign any papers they may send you, do not speak with them other than telling them to contact your attorney. Checks to the Chapter 13 Trustee must be in the form of cashiers check, bank check or money order. Personal checks will not be accepted all checks must include a case number XXXXX docket number clearly written on in order to be properly credited to your account. Bring your first check with you to the 341 meeting if you haven't been making them prior to the meeting. If the 341 meeting is two months or more after you filed it is not a bad idea to send a check for your projected initial plan payment or a check for $150.00 to the Trustee each month prior to the 341 meeting.
  3. Third group includes creditors who are owed money post-petition or after you have filed for bankruptcy. Debts incurred after filing for bankruptcy receive no protection from the Bankruptcy Court whatsoever. Whether it be utility bills, credit card bills or mortgage payments due after you have filed for bankruptcy, all of these must be paid in a timely fashion.
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Customer reply replied 8 years ago
The answer is totally confusing and has nothing to do with my question. I would like my question answered or get a refund. Thanks, corinne
Lawyer: Ray, Lawyer replied 8 years ago
I'll leave this for other experts
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