Ch. 13 vehicle valuation
Posted: Wed Dec 16, 2009 2:48 pm
Technically, the plan will provide for the "replacement" value (think "retail") of the vehicle as secured and the remainder as unsecured. This is effective upon the filing of the case -- unless there is a long period of time between the filing of the case and the filing of an amended plan.
KEITH ALAN HIGGINBOTHAM
Pedro Mayser, Office Manager
THE LAW OFFICES OF KEITH ALAN HIGGINBOTHAM
255 S. Grand Avenue, Suite #2109
Los Angeles, CA 90012-3045
Phone: 213.620.0176
Facsimile: 213.613.1200
HigginbothamLaw@aol.com
To: cdcbaa@yahoogroups.com
Sent: Wed, Dec 16, 2009 9:06 am
Subject: [cdcbaa] Re: Ch. 13 vehicle valuation
Related question - if the car payment is now in the plan, at what point can the debtor cease making car payments? When the plan is filed, after the first plan payment, after confirmation? I have a few clients who want to cramdown their vehicles through their plan but they don't want to "double pay". Thank you.
>
> Been a long time since I've done this (actually, I don't think I ever have)...
>
> In a Chapter 13 where the 910-day rule doesn't apply, if a debtor wants to cram down a vehicle loan under 506 and then make payments through the plan for 60 months on the "new" amount, does this need to be done by a separate valuation motion, or do you just put the value you think is appropriate in the Plan and wait for objections?
>
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Technically, the plan will provide for the "replacement" value (think "retail") of the vehicle as secured and the remainder as unsecured. This is effective upon the filing of the case -- unless there is a long period of time between the filing of the case and the filing of an amended plan.
KEITH ALAN HIGGINBOTHAM
Pedro Mayser, Office Manager
THE LAW OFFICES OF KEITH ALAN HIGGINBOTHAM
255 S. Grand Avenue, Suite #2109
Los Angeles, CA 90012-3045
Phone: 213.620.0176
Facsimile: 213.613.1200
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