Debtor has accident after filing Chapter 13.....
Posted: Thu Mar 21, 2013 5:54 pm
Have the insurance company pay out to the Trustee. Amend plan to lower
payments, since debtor will need to purchase or lease a replacement vehicle
and you can pay the same percentage to class 5 with a lower plan payment,
since the secured claim is taken out.
On Thu, Mar 21, 2013 at 5:23 PM, R Grace Rodriguez wrote:
> **
>
>
> Dear Members:
>
> Debtor had accident that totalled car being paid in the plan. His
> insurance carrier is trying to pay off the loan pursuant to the terms of
> his comp and collision carrier. BUT lender for car is refusing the funds
> because of the bankruptcy.
>
> I'm absolutely flummoxed. What now? What would you do?
>
> 1. (Not sure if I can be this naughty but....) Amend Plan to surrender
> vehicle to Creditor. Make wild card claim on the insurance proceeds so
> debtor can buy replacement vehicle?
>
> 2. Something else less nasty? What?
>
> Thanks for your ideas in advance.
>
> Renay
>
>
>
>
Clifford Bordeaux
Bordeaux Law, P.C.
790 E. Colorado Boulevard, 9th Floor
Pasadena, CA 91101
T: 626-405-2345 / F: 626-4-628-1820 E: cliff@bordeauxlaw.com
Have the insurance company pay out to the Trustee. Amend plan to lower payments, since debtor will need to purchase or lease a replacement vehicle and you can pay the same percentage to class 5 with a lower plan payment, since the secured claim is taken out.
On Thu, Mar 21, 2013 at 5:23 PM, R Grace Rodriguez <
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