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| HELP! Chapter 13 bankruptcy. |
hdmike |
12/30/03 |
I realize that different States handle Chapter 13 in their own way, so let me state up-front that I live in central Indiana.(Indianapolis)
My question is this:
I am $5,500 behind in mortgage payments due to the loss of my job last June. I found work in mid-October, but at a substantially lower salary. I can't come up with that much cash to catch my house payment up as I've got about $12,000 in credit card debt that's been consolidated and is being paid monthly, and a loan balance of $11,000 on my 2001 Harley Davidson. I've been paying on this credit card debt for almost 3 years now. The credit card payments are current (except for 1 bank that backed out of the program)and so is the Harley loan, but my mortgage company is ready to foreclose. I would like to file Chapter 13 Bankruptcy on the past due mortgage payments and the credit card debt to get myself back on my feet.
My biggest concern is this: I also own a 1975 Harley (valued @ $8,000) and a 1987 Jeep (worth about $1,500). I desperately want to continue to make the payments and keep the 2001 Harley as well. Am I going to be able to do this as long as I have sufficient funds to make a decent monthly payment to the trustee during the course of the bankruptcy, or is the trustee (or creditors) going to insist I sell off the other Harley and Jeep that I own outright..?...or both Harley's and keep the Jeep...or..???
I really need an educated opinion here!
Here's some additional info that may help: Blue Book Value of the 2001 Harley is $16,900, I have about $15,000 in equity in my home, and my gross pay is approximately $2,200 per month vs. my old job at $3,500.
I appreciate any guidance or suggestions you may have.
Thanks in advance!
Harley Mike
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