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Car loan lien stripping
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I plan to file a chapter 13 in which the debtor may bifurcate a car loan
(non-PMSI title loan) into secured and unsecured portions. The judge will
be Riblet. I plan to do the following and would like some feedback as to
whether this is appropriate:
date;
ss
2 and reduce the interest rate from 17% to 5%;
t the
creditor has an allowed unsecured claim for the balance of the loan;
ine
secured status of loan, attaching the appraisal and declaration of appraiser
(I assume this can be done without a hearing under 9013-1(o)).
Am I missing anything? Thanks for your input.
John D. Faucher
Hurlbett & Faucher
5743 Corsa Ave., Suite 208
Westlake Village, CA 91362
(818) 889-8080
Fax: (805) 367-4154
http://www.hurlbettfaucher.com/
3324 State Street, Suite O
Santa Barbara, CA 93105
(805) 963-9111
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I plan to file a chapter 13 in which the debtor may bifurcate a car loan (non-PMSI title loan) into secured and unsecured portions. The judge will be Riblet. I plan to do the following and would like some feedback as to whether this is appropriate: Obtain an appraisal (e.g. Carmax) on the car as of the petition date; File the Ch 13 plan with the secured portion of the debt in class 2 and reduce the interest rate from 17% to 5%;
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