Re: Chapter 13 New provision

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DE.

On 10/19/05, Dave wrote:
> 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!!!