722 redemption funding....have you used it?

[stoptheinsanity]

another question. i read the manual in one of the stickies and there was a section in there about 722 redemption funding. have you used that? in your experience was it a good option for you?

thanks

[tiredofdebt1]

I was going to.....but today i spoke to 2 big time dealerships in my area...and they have several lenders that want to work w/ me to get me a better deal and a lower interest rate than the 722 loan place..or prestige financial(bankruptcyauto.com). I just have to wait until my 341 meeting..and im going to go ahead and do that..i dont want to get into the same situation as i did before and end up w/ something and pay for something for such a long time..that i dont even care for .......if imma invest it it..i might as well have interest in what im driving....get in contact w/ your local dealers and see what they are working w/ when it comes to open bk's....they just want you to be finished w ur 341

[Minnymouth]

Remember, while your in bankruptcy ANYTHING you purchase must be approved by the Trustee.............includes buying vehicles or using 722 redemption plan.......

Under search on the forum key in 722 redemption and read all the threads involving this. There is also a section in Bankruptcy Manual here on the forum in the "sticky" threads....

What you want and what you can afford and the court will allow you to buy while in BK are two different things.......

Do your research folks......

[tiredofdebt1]

For a chapter 13 ..the trustee does need to approve....but as far as a chapter 7 goes...as long as that info is included in your paperwork everything is okay. Talk it over w/ you lawyer. I did......