is it if the vehicle you own is worth a lot less than the lien?
B
B
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B x
filed Ch 7 Oct 31st 2008.
341 Dec 10th 2008.
DiSCHARGED Feb 10th 2009
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Redemption means that you will agree to continue to pay for secured item(s). In this case, the vehicle. A redemption requires paperwork to be filed. In a sense, you're excluding this debt from the BK, and you can be held liable if you default the loan and the vehicle is repossessed.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.
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