Had 341? meeting, what now?

[thunt]

I could be asking my lawyer, but he's like talking to a shoe. Anyway, here are my questions:
Is 722 a good idea? we have a suv that has a very upsidedown loan. we owe a lot. should we surrender it and take a loan with us bank and purchase a car? The lawyer pointed us in this direction?
will this neg. affect my bankrupcty?
we also have a camper that we owe a lot on. we would like to surrender it and buy one outright with income tax refund. is that breaking any laws? that wouldn't happen until tax time jan/feb ish.
finally, are we almost done? is it over? i've developed high blood pressure over the last 6 months going through this!
thanks for any help.

[SinkingFast]

Here's a link to a thread that discusses 722 Redemption:

http://www.bankruptcyforum.com/showt...722+Redemption

One thing you have to bear in mind, is the loan has to be approved by the Court.

Also, there are other Redemption loan companies as well.

About your camper,......... I'd wait til you're beyond 6 months after filing to do anything with that. The Trustee can come after any windfalls within 180 days after filing BK. Even tho you'd be selling the trailer with every intent of replacing it with another, the Trustee could consider the proceeds to be a sort of windfall.

[lrprn]

A couple of questions for you first, thunt....

Since you posted in the Ch 7 folder, is it safe to assume that you did file Ch 7? If yes, when did you file? Is your confirmation hearing over or is it coming up? Are there any objections to your case? What are you thinking about using the 722 for - the car you are upside down on?

About replacing the car and camper - after you file, you aren't allowed to take on any new debt without your trustee's permission until your case is discharged. Personally I wouldn't want to be explaining to my trustee that the ink on my 341 is barely dry but I'm already planning to take on new debt by replacing my car and buying myself a new camper next spring. If your trustee does give permission to sell your car, since you've just filed bk, until your discharge comes through, no lender will touch you because until you are discharged, you could amend your case to include the new car debt. As SF said, you'll just have to deal with the upside down at least 6 mos after discharge to avoid any possibility your trustee will find out and say your filed fraudulently.

I see SF has chimed in with a link about 722s. We chose not to reaffirm or do a 722 on our cars, so can't offer any advice there.

And one last question...if your lawyer isn't talking to you, have you told him/her that you need to have better communication between the two of you? Our lawyers can't read our minds (and some days maybe that's for the best! )

Good luck and glad you found us! Come back any time with more questions or just to vent.

[thunt]

thanks, when i read my own post i realized that i was rambling. too depressed to use correct punctuation also. other than my wife and lawyer, i have not talked about this at all to anyone! about the camper, we would not be buying one until june. it's our only recreation, and it sickens me that it would be gone. we are'nt crooked people who are looking for an easy way out, we simply married young and had many unfortunate things take place that we sometimes were and sometimes were not responsible for.

another question: are rummage sales ok? just a bunch of garbage basically, not like tv's or anything?