March 29, 2008
Section 722 Redemption Lenders
Getting a chance to listen to Judge Keith Lundin, Chapter 13 expert extraordinaire from the Middle District of Tennessee, is worth the price of admission by itself to the Norton Institute Program in Las Vegas. My view of these programs is that if I learn a few things, the price and time was worth it.
Today I learned that there are "Section 722 Redemption Lenders" who will loan a debtor the amount needed to redeem a vehicle from a secured lender. I found one quickly on the internet and I intend to try it next week. Apparently the cost is $600 and the interest rate is reasonable. Someone today mentioned that some of the auto finance companies are fighting these obviously wanting the debtor to reaffirm the entire debt. So the debtor will need to factor in the additional attorneys fees to get the lender to take the "fair market value" in lieu of a reaffirmation.
March 29, 2008 | Permalink
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722 redemption can be an good option for some depending on what the 722 redemption company offers your. Unfortunately there is a large amount of people who need 722 redemption loans but do not get approved for the loan. This is another good source on explaining how 722 redemption works.722 Redemption Generally you want to apply for 722 redemption prior to filing your bankruptcy case.
Posted by: bk lawyer | Jul 3, 2010 10:59:19 AM