Re: Chapter 13 New provision

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What state are you in?

On 10/19/05, Reg wrote:
> This is a very, very sticky situation. I have a 2004
Chevy
> Impala that I'm upside down on the lien by around
> $8,000.00. My wife and I are having another child. The
> 2004 Chevy only holds 5 people. My wife and I sit up
> front. My daughter and my two sons sit in the back. With
> this child that my wife is about to have will make 6 for
> our family. My wife is not working and I am the only
> person that works for now. Anyway, we needed another
> vehicle that will accomadate the soon to be 6 people in
our
> family. We tried to trade in the Chevy in, but no one was
> willing to take the vehicle because of what we owed vs.
> what the vehicle is worth the difference is too much and
> they would have to tack on the difference to the new
> vihicle. So in essence I'd be paying around $700/ month
> for a mediocre vehicle. So we still have the chevy as
well
> as the vehicle that is now going to accomadate the growing
> family. I need to get rid of the vehicle because I can't
> afford both vehicles by myself and I don't want it repoed
> because I know the reprucussions. The old Chapter 13
would
> have been excellent for this type of situation. Under the
> new Chapter 13 laws it states that instead of using what
> the vehicle is actually worth and paying that back you
have
> to pay back the total amount of the loan even if it's way
> more than what the vehicle is worth. Is their anything I
> can do under the new Chapter 13 laws that would help my
> situation? At this point, I am lost and I don't know what
> to do. If and when they take it back should I file a
> chapter 7 on the now unsecured amount? Once they sell it
> at auction and get a fraction of what I owe I'm still
going
> to owe the remaining balace. Finally, can they garnish my
> wages if it's repoed? Please help!!!