A Couple Of Missouri Chapter 13 Questions
I understand that under chapter 13 I can keep things I own that are paid for, but what about a luxury item (motorcycle) that I am making payments on (I owe what it is worth). Will I be forced to get rid of it (either by selling or repossession) so that the money going towards the motorcycle loan can instead go to pay unsecured debts? I'm upside-down on my truck loan. Under chapter 13, can I get the loan amount lowered to the truck's value? Can I get out of the loan and let the truck be repossessed? If I do get out of the loan, will the court then say that I have more disposable income to apply towards the unsecured debts, making it hard to afford a replacement vehicle? Thanks in advance for any help with these questions.
Generally speaking, the answers to your questions are no and yes. I'd suggest speaking with your lawyer. The procedure and precise answers may differ from state to state, and it is important to have local counsel who knows local procedures.
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