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I Can’t Figure Out My Chapter 13 Bankruptcy Payments – Helpless

Helpless

“Dear Steve,

Brought 3 cars in 2 weeks in 2007. married truck driver. Job closed 1 year 2 months ago. New job less than half the income. 5 kids. parents took over 1 of the cars and the payment. bad credit.

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My wife and I went to a lawyer to file chapter 13. Altogether we pay about $1300 in car payments a month. In the plan we will pay $1100 a month. The interest rate will go down to 4.7 % for 5 years.

I only have about 2 or 3 years left on my auto loans. How could this be right that is the only secured debt i owe? It seams to be more money than my high interest loans. Do you have any help to offer me please I don’t know what to do!

Helpless”

Dear Helpless,

Honestly, I don’t know. Let’s see if we can’t get some bankruptcy attorneys to comment on this situation. A good place to start is to not be shy about asking your bankruptcy attorney for an explanation.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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