Announcement

Collapse

Forum Rules (Everyone Must Read!!!) (updated: 04/28/2015)

Welcome to the Bankruptcy Forum. Bankruptcy (BK) Forum is known as BKForum.com and will be referred to as BKF hereinafter. In order to ensure a long term success of our vibrant community, we have established certain rules and guidelines to which everyone must adhere to. Please take your time to carefully read our rules, before you start to participate in the community.

Things you agree to do:
BKFORUM.com (BKF) users agree to use the search function before starting a new thread. This prevents duplicate discussions and allows for better organized topics.

All BKF users agree to read the sticky posts which may be available at the top of a forum page. These Sticky posts often contain valuable information. They may also outline more rules and guidelines specific for that particular forum, stickies are put in place by that forums moderator(s) or admin(s).

Things you agree not to do:

All BKF users agree not to call people names or write a post simply to make a personal attack, or get a negative reaction; this behavior is not allowed on our forum. The use of derogatory language aimed at anyone will be severely dealt with. There is no need to agree with each other, or to even like each other. However, by signing onto BKForum.com you agree to treat each member and guest with the respect they deserve. No threats or personal attacks will be allowed.

All BKF users agree not to discuss, engage, or encourage any behavior or activity which violates the law. Discussion of drugs, violence, murder, theft, vandalism, fraud or any other issue which could be used to help individuals break the law is strictly forbidden.

All BKF users agree not to "bump" old threads, unless there is a specific benefit to the community by doing so. But in most cases, please don't post in very old threads, instead start new threads.

All BKF users agree not to attempt/use another members account. It is against BKF rules to use any account other than your own. Impersonating another member will result in an immediate ban. It is also against the rules to open more than one account in your own name without permission from a moderator or administrator. If you have been banned for any reason, it is against the rules to open another account. If you were banned temporarily and you are caught using another account you will be banned permanently. Choosing a moniker which is similar in either sound or spelling as a moderator or administrator is strictly forbidden.

All BKF users agree not to private message any moderator, admin, or other member with questions related to their personal circumstances (Questions about the forum or issues with the forum are ok). This forum only works when members share their experience and insights with everyone.

Things you agree not to post:
All BKF users agree not to post any derogatory/racist/or sexist remarks. This includes attachments, links and all information contained within posts, signatures, and avatars, failure to comply with this rule will result in a permanent ban.

All BKF users agree not to post any copyrighted or trademarked information without the express written permission of the owner(s) / proper citation of source.

All BKF users agree not to post any real names, addresses, telephone numbers, email addresses, social security numbers, or any other personal details (their own or other people's).

All BKF users agree not to post links, pictures, attachments, videos, or the like of pornographic content, objectionable material or extreme violence, whether cartoon or real.

All BKF users agree not to use BKF for advertising purposes without a written contract between yourself/company/agent and the administration of BKF. Blatant advertising will result in a ban.

All BKF users agree not to spam the forums. Spam includes but is not limited to posting erroneous, non-relevant-useless, off-topic, or meaningless posts. Spam may also include posts which contain no text, or large areas of blank space between lines. Simply posting emoticons without text is considered spam. BKF is the largest bankruptcy message board and all the content is intended to help other users. Please help us improve the quality of our forum by making sure that your posts are well-worded, spell checked, grammatically correct and syntaxed.

Regarding actions of moderators and administrators:

The forum is no place to air out your opinion or be judgmental of our staff and its capabilities.

All BKF users agree not to abuse or mistreat moderators or administrators. It is against BKF rules to post any information regarding bans or any other action taken by a member of the moderating or administrative team. If you wish to discuss bans or warnings please do so via PM. To place a complaint against a moderator, send a PM to a super moderator. All Moderators are equal, any decision made by a moderator must be adhered to. If a moderator tells you something you do not like, do not go to another moderator looking for a different answer. If you are caught doing this you will be banned. The moderators work as a team and respect the decisions made by their peers and will help enforce them unless an administrator tells them differently.
If you have an issue with how the forum is run, then notify one of our administrator and we will look into the situation. We have in the past and still do appreciate any input that you offer this forum. But critical input and/or judgmental postings towards the staff will result in you getting banned.


Should you find a thread offensive or out of line, then notify a Mod in a PM so they can evaluate the situation and do the action deemed necessary.

All moderators do have active "other" lives outside of the forum and help moderate this forum in their spare time throughout the days and weeks.

If you have a problem with a member or Mod follow the proper channels of reporting it.

BKF reserves the right to delete any posts which contain anti-BKF comments or discussion. Any bashing of moderators or administrators, or any of their discussion or actions will also be deleted, and the responsible posting party(s) will be banned. Any public anti-BKF advertising, communication, or posts on another forum will result in permanent bans as well.

All warnings and bans are decided by individual moderators and administrators. Warnings are preferable to bans however, for serious offenses and repeat abusers bans will go into effect. The length of the bans can vary from several hours to permanent.

All messages posted or sent including through PM are the property of BKforum.com.

All BKF users agree not to advertiser on the forum (Niether by posting, private messaging or using your signature). If you are a company/attorney/legal adviser wishing to advertise on the site or sell a product, you must contact the head administrator and inquire about our advertising packages.

All bankruptcy related opinions expressed on BKForum.com are those of their authors and not necessarily of BKF, its staff or representatives.

You agree not to copy any material/post/content from BKF without written permission from our head administrator .

By posting on this forum you agree to these terms and conditions, including any punishment deemed appropriate by moderators or administrators in the event of an offense.

Administrators/Moderators can change these rules at any time without prior notice.
See more
See less

Bought from 722 Redemption (US Bank) Before 341 Hearing

Collapse
X
  • Filter
  • Time
  • Show
Clear All
new posts

  • Bought from 722 Redemption (US Bank) Before 341 Hearing

    I filed for Chap. 7 BK in IL in December 2010 and surrendered my car in the BK, as the monthly payment had become unmanageable after the loss of secondary income from a long-term relationship breakup. After almost 10 years living together, I really thought he was the one & we'd grow old together...oh well. His leaving turned my life upside down to say the least!

    Anyway, before my 341 hearing, I tried, but my auto lender would not reduce the amount I owed them for a 722 Redemption, and they quickly filed a motion to remove automatic stay so they could repo. the car before the BK was even discharged. So I was faced with the dilemma of how to quickly procure a much-needed replacement vehicle before my current lender came after me for my car.

    My lawyer advised that I contact 722 Redemption (US Bank) and see if they could help me. He also assured me that in IL, purchasing a car before my 341 hearing would not pose any problems in my discharge going through. So, I was able to get a 2009 PT Cruiser (Touring Edition) with 31k miles for $10,000 and even with the scary 24% interest rate, the new loan is saving me $250 a month! It's a simple interest 5 year loan which I plan to refinance as soon as I can which shouldn't be a problem since it's so new & has low mileage.

    The car was delivered to my home from OH and all I had to do was take the driver to the Greyhound station which sounds strange but was actually no problem, as the driver was very nice & personable. He even gave me the inside scoop on how my car handled during his 5 hour drive to my house from OH! I turned in my bk vehicle the next week no problem. The Cruiser looks new and runs great so far!

    So then about 3 weeks later, I went to my 341 hearing and when the Trustee saw the motion to remove stay for the car in my paperwork, she asked what I was going to do for another vehicle to get to work. I told her that I was referred to US Bank's 722 Redemption Program by my lawyer (who was sitting right there next to me) and my payment was even lower now. She raised her eyebrows at me and exclaimed "That's great! What a blessing!" then she looked at my lawyer and said "We need to get word of this program out to more people in BK!" She commended me on my smart move and went on to the next question. In the end she said she'd declare that I had no assets, and that was it! The whole hearing took all of 10 minutes!

    Despite my Lawyer's reassurances beforehand, I was so worried I'd still be run through the coals for this pre-341 purchase, but was soooo pleasantly surprised I wanted to encourage others who are surrendering their vehicles and still need a replacement vehicle while in bk, to look into this program.

    I'm still waiting on my discharge but per Pacer, everything is going according to plan; no negative flags so far! *fingers crossed*

    Good luck to you all!
    Last edited by Honeymizz; 03-27-2011, 01:23 AM.

  • #2
    Is anyone going through Chapter 7 able to use this program? We are past our 341 hearing and our car is now dying. I'm researching our options because I don't think it is going to last for us to save up to buy a car with cash.
    Filed 2/28/11 341 3/24/11 Discharge and Closed 5/24/11

    Comment


    • #3
      I was told I could have purchased my car through them after my 341 hearing and I also recall that there was a small time window that they could even help after discharge (like just a few weeks), so you may be ok with them if your bk hasn't been discharged yet. I think the idea is you have a better chance of being approved if they capture your credit scores/history pre-discharge, before the scores plummet. Just a hypothesis though.

      Comment


      • #4
        Update: Got my discharge today! Everything went off without a hitch! WOO HOO

        Comment


        • #5
          Honeymizz-

          I am looking into this for myself. I have a Toyota with a steep lease payment and I am thinking that I'd rather surrender it as opposed to reaffirm. How did this process go for you? Were you able to pick & choose from an inventory or does US Bank limit what you can buy? I've heard reports of US Bank forcing one to buy overpriced cars through this program but the KBB lists your car at over $14K. Mayble I am doing something wrong but that looks like a decent deal.

          Comment


          • #6
            Sounds awsome, and best of good luck to you!!!!

            Comment


            • #7
              Guess that wouldn't work if US Bank was a creditor included in your bankruptcy......?

              Comment


              • #8
                My BK discharged in April '09 and I went through the 722 Redemption process with US Bank and everything went well....or so I thought.

                It was filed with the court and I started paying US Bank for the new loan created through the 722 Redemption process. About 8 months after I had been paying on the new loan I get a letter from the former creditor (a credit union) saying that they are going to repo the vehicle because they are owed for the entire amount of the loan.

                Long story short...US Bank sent the CU a check for the redemption amount and the CU wouldn't cash it or release the title to US Bank. At my request, US Bank cancelled the check they sent to the CU and I told the CU to stuff it and come get the vehicle. US Bank cancelled the loan that I had, reported it as paid and refunded 8months worth of payments back to me. I then went out and bought a new car and the CU took a big loss on the loan as they were out the original loan ($14K) and could no longer cash the redemption check ($7K) and ended up auctioning the vehicle for less than $4K.

                Just be careful if the original loan is with a CU. They will not always cooperate with this process.
                Filed C7: 12/16/08; 341 Meeting: 1/22/09
                Last Day for Objections: 3/23/09 (No Objections)
                Discharged: 4/3/09
                Closed: 3/23/10

                Comment


                • #9
                  I am right in the middle of my Chapter 7 and I just got approved for the 722 Redemption program through US Bank. They have selected a lot of cars for me to choose from. It seems like a good legit program. My only concern is the fact that I am hoping to get car offers in the mail from my local dealorships with a better selection and interest rate after my discharge. So I am not sure if I should go ahead and get a car now or wait?

                  Comment

                  Unconfigured Ad Widget

                  Collapse
                  Working...
                  X