Re: Re: FORD MOTOR CREDIT

Filing Bankruptcy Chapter 7 and Chapter 13 Personal Bankruptcy

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Posted by: Zoey2699 on 07/31/03:

In Reply to: Re: FORD MOTOR CREDIT posted by: Elmo on June 15, 2003 at 12:36:40:

: No, they can't continue reposession proceedures once you file. The automatic stay goes into effect and anything FMC has done to date towards forclosure is out the window. Since the truck was listed, they're forced to accept the fact that the account is current according to Bk standards. You have to keep it current.
: To do this you need to be certain how the truck is included in the plan. Some (most) plans have only the payment arrears and you'll need to continue making your regular monthly payments on time to FMC outside Ch 13 (without being billed).
: Some (few) plans pay both the arrears and the truck payment for the life of the plan. In this case, the Trustee makes the entire truck payment plus arrears to FMC.
: Some plans allow 'lein stripping' or 'cram-down' where only the market value of the truck is considered secure (paid at 100%) and the 'negative equity' is treated as unsecured and paid at your plan's % to unsecured, typically something less than 100%.
: In either case, if the truck isn't completly paid off in the plan, you'll need to continue making payments after Bk. If you're paying only arrears inside the plan and regular truck payments outside, you must stay current or FMC can get a relief from stay and start reposession all over again.

: : My husband and I just filed chapter 13 on June 9. We haven't received a case # yet so our lawyer said to give out his number when creditors call. Ford has been calling my husbands employer twice a day everyday. My husband finally called them and told them we had filed and gave them our lawyers number. (We were trying not to let them know until we had received a case # to give them.) Ford told us that it didn't matter if we were filing or not because we were in default (2 months behind) and they were repossessing the truck regardless. My question is can they repossess even if we have already filed and the truck is included in the chapter 13, or are they just making threats?
Ford Motor Credit are the dirtiest bastards I have ever dealt with. They are forcing me into a 2nd bankruptcy.

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Subject : Re: Re: Re: FORD MOTOR CREDIT

Comments:
: : No, they can't continue reposession proceedures once you file. The automatic stay goes into effect and anything FMC has done to date towards forclosure is out the window. Since the truck was listed, they're forced to accept the fact that the account is current according to Bk standards. You have to keep it current.

: : To do this you need to be certain how the truck is included in the plan. Some (most) plans have only the payment arrears and you'll need to continue making your regular monthly payments on time to FMC outside Ch 13 (without being billed).

: : Some (few) plans pay both the arrears and the truck payment for the life of the plan. In this case, the Trustee makes the entire truck payment plus arrears to FMC.

: : Some plans allow 'lein stripping' or 'cram-down' where only the market value of the truck is considered secure (paid at 100%) and the 'negative equity' is treated as unsecured and paid at your plan's % to unsecured, typically something less than 100%.

: : In either case, if the truck isn't completly paid off in the plan, you'll need to continue making payments after Bk. If you're paying only arrears inside the plan and regular truck payments outside, you must stay current or FMC can get a relief from stay and start reposession all over again.

:
: : : My husband and I just filed chapter 13 on June 9. We haven't received a case # yet so our lawyer said to give out his number when creditors call. Ford has been calling my husbands employer twice a day everyday. My husband finally called them and told them we had filed and gave them our lawyers number. (We were trying not to let them know until we had received a case # to give them.) Ford told us that it didn't matter if we were filing or not because we were in default (2 months behind) and they were repossessing the truck regardless. My question is can they repossess even if we have already filed and the truck is included in the chapter 13, or are they just making threats?

: Ford Motor Credit are the dirtiest bastards I have ever dealt with. They are forcing me into a 2nd bankruptcy.

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