Author Archives: Win Mims
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As a result of the terms of a pawn contract, unless the pawnbroker agrees, the usual pawn transaction may not be treated in a Chapter 13 case like the usual cram-down of a motor vehicle loan. The court decisions discussing the issues which may arise in a pawn transaction do not provide a clear roadmap… Read More »
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One of the major benefits of filing a Chapter 13 case is the ability to modify (cram-down) a loan on a motor vehicle. Circumstances vary by case, but when a client has purchased a vehicle and has signed a standard “Retail Installment Contract”, generally the interest rate and principal balance can be modified (cram-down) and… Read More »
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A recent bankruptcy court decision illustrates a common forbearance problem. After missing three consecutive mortgage payments, debtors entered into a Mortgage Forbearance Plan (MFP) with their lender. The plan provided for reduced mortgage payments for six months. The court found that “the parties anticipated that at the end of the six months, the lender would… Read More »