Fwd: FW: M & D Phillips - BKR Plan - Car Value

Look at the car invoices and compare the printable balance versus the interest payments to see if the 388 included interest

---------- Forwarded message ----------
From: "Christina Castro" <*****@ombkc.com>
Date: Jul 3, 2014 10:48 AM
Subject: FW: M & D Phillips - BKR Plan - Car Value
To: "Michael Phillips" <*****@gmail.com>

Mr. Phillips,


Per the attorney, this is a full payoff at a lower interest rate (5.25%) not a cram down to actual value. Since you have not owned the vehicle for more than 910 days before filing bankruptcy, we cannot cram to the value of the vehicle at the time of filing, just lower the interest rate to 5.25% (your prior interest rate was 11.9%) and spread payments out over the course of the bankruptcy.


Please let us know if you have any further questions and/or concerns.


Thank you,

Christina Castro

Legal Assistant


2001 Palm Beach Lakes Blvd

Suite 410

West Palm Beach, FL 33409

(ph) 561-689-6789 (fax) 561-689-6767



From: Michael Phillips [*****@gmail.com]
Sent: Tuesday, July 01, 2014 8:42 PM
To: Christina Castro
Subject: M & D Phillips - BKR Plan - Car Value


I noticed in the BKR plan our car was valued at 17K. I think that when the plan was set up that the incorrect car engine size was selected. Kelly blue book values our car (3.2 engine) at around $10,120.00. The larger engine (V8) is valued at $16,715.00 which is closer to the value used in the BKR plan. Please review this and let me know how we can modify the plan to reflect the correct car type. 


I have attached the screen shots. 

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