hearing before 341 meeting

[newstart]

I just checked pacer and I have a hearing with Americredit regarding them receiving the relief of stay to take my vehicle before my 341. I am about to contact my lawyer and no doubt receive a dumb explanation since he was supposed to try and negotiate something with them. I just want to cancel my bk all together. At 9:00 hearing, at 12:30 341 I might as well take a rope because it looks like I'm hung.

[Minnymouth]

Did you petition to reaffirm on your vehicle???
Their is still time to file for redemption....

Make your attorney earn his money....

Minny

[newstart]

He did file a motion to redeem on 12/13/05. what does that mean in contrast to the hearing on 12/20/05? can they just say we don't want to redeem and get a judgement to lift stay and take the vehicle?

[StaciMM]

The lender doesn't get to say 'no' to redemption-its a right that bk law provides you. They can argue over what is the fair redemption value, but the trustee gets the last word on that.

[Minnymouth]

You did continue to make the payments on your vehicle, right?.... and then filed to reaffirm on it with a hearing on 12/20/05...

[StaciMM]

Minny-

Newstart is trying to redeem the vehicle, not reaffirm. I'm guessing the payments are behind, otherwise they wouldn't have filed for relief, but that should not impact the redemption.

BK allows the filer to redeem the vehicle by paying the lender what its worth. I think the logic is that if the lender gets it back, they will get less than what its worth at auction. So, while the lender gets less thru redemption than if someone continued to make monthly payments for the original life of the loan, they get more than if they got the vehicle back as part of the BK process.

**Note-I don't know if redemption is still available under the new laws.

[newstart]

I spoke with my attorney just a moment a go and he said that he will be trying to negotiate with the attorney for right now and that the hearing may be rescheduled to hear both motions (for relief and redemption) on the same day. Staci thanks for that info because I didn't know the company didn't make the decision on the redemption and that it was the trustee.

[StaciMM]

No problem. (Under old law...) Redemption is pretty much a right if you file BK and have secured debt. I've heard it has changed under the new law, probably to be more of a retail value than trade in, but I'm not really sure.

[newstart]

Thank goodness I filed under the old law by 1 day. With that information I am not as nervous as I was when I seen the posting on pacer. My attorney said he didn't get any information on a hearing, snd did I get something in the mail. I told him I have been checking pacer. I wish he would start checking it so he can be in the know.

[Minnymouth]

Stay on top of your attorney....... he can cause you to loose a lot, just by not doing his job in a timely manner...

StacciMM,

I was not allowed to reaffirm on my home or land or redeem it by the Trustee..... even though all payments were current. It may be your "right" but they can sure be denied by the courts.....

[newstart]

That was my concern because as far as I know he didn't file an objection to the relief from stay, the deadline was 12/12, he filed a separate motion for redemption on 12/13. He certainly has not been the most reliable.