I've been lurking & reading for awhile. We filed Chapter 7 on Monday with the assumption that we could easily move our cars to a 722 since I have a steady job. However, when we applied yesterday we were rejected because one of our creditors was US Bank. I have stayed current on my payments & can probably re-affirm (it's through Ford credit but the car only has 18,000 miles on it & I will be using it daily with my 2 year-old in the car, so I don't want to take a chance on a beater breaking down). We did not pay last month on my husband's truck & do not want to re-affirm it, but had we been able to do 722, we could have easily afforded the payments on it (it has about 24,000 miles). Is there anything similar to 722 offered by another bank?
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What is 722? Newbie here.Filed Jan 23rd, 2009
341 meeting--February 24th--Went smooth
:yahoo::yahoo:
Discharged may 12th--had to call the court clerk!!:clapping::yahoo::yahoo:: -
never heard of that before.
Filed Chapter 7 10-2008
341 Meeting 12-2008
DISCHARGED 2-2009
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I am in the same situation. Our lawyer said it didn't matter if US Bank was a creditor (come to find out it does). Got denied on a replacement. My Jeep has almost 100k miles and they wouldn't touch that even if we didn't get denied. Our lawyer keeps canceling and I haven't paid my Jeep payment in a month and am afraid we will lose it and have no car. I use it to pull a trailer for work and we have 2 small children. I did try another company that wasn't licensed in Ohio similar to US Banks thing. So now we are waiting. Heard we could get a car after discharged or even during through a dealer but I am afraid we won't and again, not have a car! So waiting to see our lawyer in which we payed 2 1/2 months ago!! So hope to see if anyone has any ideas too.Comment
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I don't know if this has anything to do with a 722, but I received this kind of strange offer of credit thingy in the mail for reaffirming/financing autos in Bankruptcy. I thought it strange that someone would offer me credit while in BK since I hadn't had any credit offers in years. I don't own a car ( just borrow one), so it didn't apply to me at all.
I won't post the name because I know that is a violation of forum rules, but they did something like offering financing on 722 redemptions, and worked with/through your attorney.
They mentioned something like get a newer car with less miles, refinance a loan you already have, lower your payments and interest rate?
I thought it was kind of strange, but I guess they were definitely filling a niche. Not sure if it was just for Ch 13 filers or not, but I am a 7 and they sent it to me.
I think you might have had to be credit worthy in a way ( considering BK filing) and have an auto loan already in place, but I could be wrong. I remember it said something like "qualified applicants" or something similar.
I think I threw the paper away
I don't know, it might be an answer to someone's problems?
Happy Holidays!Comment
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