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722 redemption same as 910 claim?

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    722 redemption same as 910 claim?

    I have a autoloan from Capital one auto. I purchased it exaclly 2 years ago today. I owe $10,200 but the current value of the car is roughly $4500. I am not behind on my payments or anything but it would be great if I can reduce this debt. My lawyer said he would talk to me about a cram down claim also known as a 910 claim. However in order to qualify for this we would have to have owned the car atleast 910 days. Which we havent. From my understanding with a cram down loan the creditor is forced to reduce the price to the current market value and I would continue paying the creditor for the loan?

    I have also heard of and been looking into a 722 redemption where the difference between what I owe and the current value would be discharged and a lump sum would have to be paid to the creditor to relieve me of that loan. I have found companies online that will give 722 loans out but my question is to qualify for this must I meet the same criteria and have owned the car atleast 910 days? Also will the creditor have a say and be able to reject the offer or are they bound by the law to accept whatever the court determines is the current value?

    Bottom line is a cram down 910 claim the same as a 722 redemption of my vehicle?
    Thanks
    Kel

    #2
    722 is for chapter 7.

    910 rule is for cram down in chapter 13.

    They are totally different things.

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