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what is a 722?

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    what is a 722?

    sorry i am in the learning phase!!!!

    #2
    Also...when can you exactly apply for one? My lawyer yesterday stated that i should do a voluntary repossess....and stop making payments...but i want to stop making payments in enough time where i will be elgible for a 722 so i can make sure i dont get my car repossessed prior to getting another....is that possible?
    Filed BK on 10/19...
    341 Meeting Scheduled 11/26 @ 10am
    Discharged 1/30/2008

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      #3
      Originally posted by Iluvres View Post
      sorry i am in the learning phase!!!!
      722 = 722 redemption loan

      Here's a good explanation about how these special loans work and their advantages and disadvantages - http://www.legalhelpers.com/bankrupt...edemption.html

      Here are two 722 redemption loan sites -
      722 Redemption. Redeem or Replace! In a Chapter 7 and 13 Bankruptcy, you have rights! Replace your car today, with late model, low mileage vehicle! Apply Today!

      I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

      06/01/06 - Filed Ch 13
      06/28/06 - 341 Meeting
      07/18/06 - Confirmation Hearing - not confirmed, 3 objections
      10/05/06 - Hearing to resolve 2 trustee objections
      01/24/07 - Judge dismisses mortgage company objection
      09/27/07 - Confirmed at last!
      06/10/11 - Trustee confirms all payments made
      08/10/11 - DISCHARGED !

      10/02/11 - CASE CLOSED
      Countdown: 60 months paid, 0 months to go

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