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Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2842
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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How do you file a motion to redeem for a vehicle that you want

Resolved Question:

How do you file a motion to redeem for a vehicle that you want to keep in a BK? How long do you have to file this motion before the BK is dismissed?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.

Terry L. :

Hi and thank you for your question. In the future, you can request me to answer any further questions.

Terry L. :

A redemption motion is where you would buy the vehicle outright for the fair market value, and that motion would be to request that.

Terry L. :

There are companies that will fund the buyout, you can google bankruptcy 722 redemption to find them.

Terry L. :

722 is the code section.

Terry L. :

Some of the companies will give you state specific copies of the motion you can use with the financial information plugged in.

Terry L. :

Therefore, if you can get funding or have the funds available to you for the redemption, it is a much better option most cases over a reaffirmation.

Terry L. :

if you do not have the funds, and wish to keep the vehicle, then the reaffirmation is usually the best way to go.

Terry L. :

Thanks for your question, good luck with the motion.

Customer:

Terri Thanks,

Terry L. :

Sure thing. you are welcome. You need to get this on file before discharge.

Customer:

I am not sure if I was totally clear, the reaffirmation hearing was on another vehicle...Do I need to go to the court house to file the motion or just contact the redemption companies that help fund the buy out?

Terry L. :

start by contacting the companies to see if the redemption is a viable option. they will review payments and estimated payments for your comparison. IF it sounds good, they can give you a draft motion to work from.

Customer:

okay thanks

Terry L. :

great. any other questions?

Terry L. :

best of luck to you then.

Terry L. and 3 other Bankruptcy Law Specialists are ready to help you

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