Redemption question... RV

[sharksfan]

In a nutshell, the only thing we would like to reaffirm with our Credit Union is our $8,700 RV/travel trailer loan. The RV is worth $9250. I understand that chances of this are slim as we are sticking with a $40K loss. I started researching redeption loans but have come up empty as far as RVs go. 722redemption.com says they don't do RVs.

We haven't filed yet (and have perfect payment history), so refinancing is an option... the problem is that we are SOOOOOO over extended that I don't think anyone is going to bite.

Anyone know who does RV redemption loans? Interest rates don't really matter as we plan on having this thing paid off within 4 months of being discharged.

[lrprn]

Rather than worrying about a redemption loan, I'm wondering which state you plan to file in. Can your state bankruptcy exemptions protect a $9250 RV along with everything else you want to protect if you file Ch 7? Refinancing won't matter if you can't keep it after you file.

[sharksfan]

Rather than worrying about a redemption loan, I'm wondering which state you plan to file in. Can your state bankruptcy exemptions protect a $9250 RV along with everything else you want to protect if you file Ch 7? Refinancing won't matter if you can't keep it after you file.

I will be filing in NY.

Refinancing will take it out of my credit unions hands. If I get, for example, BoA to refinance it, they most likely will be more apt to let me reaffirm it.

From my readings, It seems that credit unions take the ultimate FU approach when attempting to negotiate secured debts while walking away from unsecured debts. They may want me to reaffirm everything to keep the RV (which we will gladly walk from if thats the case).

[lrprn]

Here's a link to the New York bk exemptions - http://www.bankruptcyaction.com/nyexemptions.htm

Unless you are living permanently in the RV and can use the $50K NY homestead exemption, I don't see anything here that will protect your RV unless the equity (RV market value minus remaining loan) you have in it is low and the trustee is willing to let it go because it's not worth his/her time to sell or make you buy back. How much equity do you have in the RV in right now?

[sharksfan]

$500 bucks. The issue isn't the trustee taking it. It's my credit union not allowing me to reaffirm it!

[krielly]

While they may not agree to re-affirm it, I don't believe they can just take it, if you are current on your payments............If you are so much as a day or two late after your discharge, then they CAN reposess.....but as long as you are current, and remain that way, I don't believe they can do anything about it.

Someone correct me if I'm wrong here........