I was reading another post where this was mentioned but don't understand what a redemption loan is or how it works where it would pertain to a car?
thanks
thanks
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Filed Chapter 7 Pro-Se May 29, 2008
341 July 1, 2008
Discharged September 4, 2008
Closed November 10, 2008 :-) -
http://doney.net/bkcode/11usc.htm#722
We didn't use one, so I'm not familiar with all the specifics. I think you'd have to arrange the loan thru your attny. Your attny has to verify the Redemption Loan will not pose an undue financial hardship upon you. I believe, the Trustee has to agree to the arrangement as well.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen...
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