722 Redemption flyer in my mailbox

[Intoodeep80]

I filed chapter 7 on Dec 22. Since then it appears my information has been sold to every credit counseling, car loan, home loan, credit card company in this solar system!! Ive just been throwing the counseling offers away, as I have already completed both credit counseling sessions.

I did receive a "722 redemption" flyer in the mail today. I am surrendering my Envoy, of which I owe $10k on, its bluebook is ~$5000. Could I "redeem" the Envoy for $5000? Honestly, I dont know that I would, I just didnt know this offer was out there to redeem your surrendered vehicle and re-buy it for the fair market value. Is this true or a gimmick?

[StartingOver08]

You can redeem, but I believe the vehicle has to be more than 910 days since your purchase date. It is worth checking out - its just a phone call to the company to see what you qualify for and what the terms would be for you.

[Intoodeep80]

Will this affect my bk at all? Since I stopped paying the Envoy, I assumed a lease from a friend on a 2008 Jeep.

I bought the Envoy Oct 04, so Im definately in more than 910 days!!

[StartingOver08]

That is a complicating factor because you already have made a deal with your friend to take over lease payments, right?

Did your attorney adjust your petition to reflect the new lease payments or did you just do that after the 341?

The redemption would have to be handled, if you decide to do it, with a motion to the court and of course you would have to get approved by the company financing the redemption.

Maybe HHM can jump in here to give more specific guidance? Or JustBroke or anyone else....

[Intoodeep80]

Startingover- the price of the new lease was in fact figured into my petition.