does anyone know how to do the 722 redemption? I know it's to get right side up on your car. Do you have to put these papers in with your bankruptcy filing? I already filed on the 14th. 341 is the 25th. Is it too late for me to try and do this on my vehicle?
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Its not too late-my understanding is you would have to redeem by discharge. Do you have a friend or family member who is going to help out? I guess the first step would be to call the creditor, talk to their BK department and let them know you plan to excercise your right to redemption - will have to haggle an amount I suppose.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision. -
Staci, Do I need a large chunk of money to do this? I was going to go through one of those 722 loan programs, not pay the thing off. That would be impossible. I have only one friend in the world, and you guys, who know that I'm filing. None of my family knows, so no, I don't have anyone to help me out.
Ironically, I think only one or two banks do this 722 loan; one is US Bank, and guess what? They are in my bk. I wonder if that would effect anything.Comment
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Redemption is just paying off your secured property (at actual value) w/ a lump sum. There are 2 companies I found online, and yes-US Bank will have an issue if they are in your BK.
I don't know who the other is affiliated with.Most of my information is from personal experience or HOURS and HOURS of online research. When you're searching online, keep in mind there is no guarantee that the info is completely up to date, and your situation is unique from anyone else's. Do your homework, and consult with an attorney so you can make an informed decision.Comment
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I think you're right, Staci. I'll have to find out who the other lender is. Thanks for your info. You are such a help.Comment
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722 Redemption
I just did a 722 redemption on my car yesterday so I can answer some of your questions based on my own experience. There are a couple of companies that do the funding. I did go throught US Bank but I also found a few others on the internet when I was looking. First, you need to get an appraisal done on your vehicle, then apply with one of the 722 funding companies. After they approve you, have an attorney file a Motion for Redemption and it will proceed as part of your bankruptcy. In my case, I have never spoken to the finance company about it and I certainly didn't notify them. I'm sure the court and finance company will do that. In my case, the 722 funding company includes a payment of $600 to the attorney and includes that in my loan. Overall, it is a pretty good deal if you have a decent car that you want to keep. Good luck!Comment
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Thanks, floridagal. On the back of the vehicle I want to redeem, there are two stickers (one is a Bush/Cheney sticker); the other says Florida Girl in the colors orange and blue, as I am a University of Florida alumnus. Go Gators!! I live in CO now, but my heart belongs to The Swamp.Comment
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