Remember Me
forgot your password?

How to file Chapter 7 bankruptcy and keep your car

If you have filed Chapter 7 bankruptcy or plan to file Chapter 7 bankruptcy then a 722 Redemption Loan is something you should be aware of. It allows you to keep the car you have instead of losing it in these difficult times. Even if you owe more money on your automobile then it is currently valued at, a 722 Redemption Loan can make it possible for you to take control of your current financing troubles.

There is a bankruptcy law that benefits Chapter 7 filers, but it is based on their individual case. The Car Redemption law, 11 USC § 722 "Redemption" says that a Chapter 7 bankruptcy filer that is upside down on their loan (owes more on the car then it is worth) can have the courts force the current lender to release the lien on the vehicle to the filer so they own the car outright.

Sounds great right? Well, the only issue is that the filer has to payout the value of the car in cash to their current lender. Take for example:

Car Value = $4,000
Amount owed to current lender = $10,000

The filer must pay out $4,000 in cash to the current lender to be given the lien to the car. In the extremely rare case that the filer has $4,000 to pay their current lender they can own the car, but this is generally not the case of a Chapter 7 filer.

This is where a 722 Redemption Loan comes to ease the difficulties of paying the current lender. The filer can apply for a new loan to cover the costs of the amount owed on the loan. Thus, lowering their monthly payments and the loan balance so they can keep the car they have and get a fresh start!

The 722 Redemption Loan must be approved by the Bankruptcy Court and handled by your bankruptcy lawyer. Upon qualification, you can start Lowering Your Monthly Payments and Loan Balance. There is no down payment required on the loan; all fees for legal services are included in the loan.  A 722 Redemption Loan is often called Car Redemption, Redemption Car Loan, and sometimes just a 722 Redemption. If you have a bankruptcy lawyer already or plan to file Chapter 7 then make sure to ask them about it. There is a way to keep your car even after you have filed Chapter 7 bankruptcy and it is a 722 Redemption Loan.

The benefits of a 722 Redemption Loan are:
• Lower Interest Rates - Help in lowering your current Car Loan and Car APR
• Simple Payments - A payment plan that meets your budget
• Rate Reduction Program - After several months of continued on time payment your financing rate will automatically be lowered.
• We work with you - We want to match you with the best loan to help you through this time.
• Rebuild your Credit - All credit agencies will review your loan status and if positive, increase your credit score!

722 Redemption Loan Qualifications are:
• Filed Bankruptcy
• Must live in one of the following states: Alabama, Alaska, Arizona, California, Colorado, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kentucky, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Oregon, Pennsylvania, Utah, Virginia, Washington, and Wisconsin
• Have Three at least 3 months of Employment Apply Today for your Redemption Auto Loan

If you are interested in apply for a 722 Redemption Loan then Driver Credit is an option to help you get a fresh start. www.drivercredit.com

Jamie Hurley
Rate this Article: 0 / 5 stars - 0 vote(s)
Print Email Re-Publish

Add new Comment



Captcha

  • Latest Loans Articles
  • More from Jamie Hurley

Debt consolidation Loans-Relief from debt problems in quick manner

By: Baidehi Creeper | 15/11/2009
Looking for a perfect answer to get rid from all the debts? Debt consolidation loans are meant for the applicants who are messed up with innumerable debt problems and finding a suitable way out. However, these loans offers required finance and help you to pay off your unpaid debts soon and also prevent you from further debt problems and bankruptcy.

What You Should Know - Pros and Cons to FHA Loans

By: Mick Bernard | 15/11/2009
FHA loans have been helping people become homeowners since 1934. Maybe this government program can help you purchase the dream home you always wanted. Financial instruments come and go with the economic environment, there has been a shift in which kind of loans new home owners are applying for. There has been a new shift with FHA loans which are more popular now than they have been in a few years. With rates and credit being tightened, they are asking for larger down payments, which consists

Payday no fax-Obtain Required Money Till Next Paycheck

By: Jo Mark | 15/11/2009
You need short term financial assistance but lots of faxing hassles makes you anxious every time you think for a loan? Now, leave all the financial worries behind and grab easy and instant additional money by applying with payday no fax without any faxing hassles.

Cheap Car Loans-Place your car and get quick money

By: Terry Bock | 14/11/2009
You have a car and are ready to place it as collateral? You don’t have adequate money and need a loan for emergency purposes? Afraid to avail a loan help because of paying high interest rates? Now leave all the worries and apply with cheap car loans for instant fiscal aid. These loans are designed for the people who need urgent money and have your own car to place as security.

Instant same day cash loans-Manage your cash troubles instantly

By: Hill Steve | 14/11/2009
You can wait more of the days to pay off your uncertain expenses? These are crippling on your head and eating up your mind because of no cash in hand? Get applied with instant same day cash loans for urgent financial help at your doorway. These loans help you to overcome your financial problems without any hindrances and following complicated formalities.

Instant same day cash loans-Manage your cash troubles instantly

By: Hill Steve | 14/11/2009
You can wait more of the days to pay off your uncertain expenses? These are crippling on your head and eating up your mind because of no cash in hand? Get applied with instant same day cash loans for urgent financial help at your doorway. These loans help you to overcome your financial problems without any hindrances and following complicated formalities.

Free Bad Credit Debt Consolidation Loan –Quote to reduce extra burden

By: Robart Watson | 14/11/2009
Bad debt loans those may help you to reduce extra debt burden right away.

Instant same day cash loans-Manage your cash troubles instantly

By: Hill Steve | 14/11/2009
You can wait more of the days to pay off your uncertain expenses? These are crippling on your head and eating up your mind because of no cash in hand? Get applied with instant same day cash loans for urgent financial help at your doorway. These loans help you to overcome your financial problems without any hindrances and following complicated formalities.

How to Get a Bankruptcy Car Loan

By: Jamie Hurley | 20/04/2007 | Loans
Learn the steps you need to take if you have a bankruptcy on your credit record to get a new or used car.

Submit Your Articles Free: Signup
Article Categories




Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License.
Copyright © 2005-2008 Free Articles by ArticlesBase.com, All rights reserved. (0.22, 8, w1)