Hi and thank you for your question. In the future, you can request me to answer any further questions.
A redemption motion is where you would buy the vehicle outright for the fair market value, and that motion would be to request that.
There are companies that will fund the buyout, you can google bankruptcy 722 redemption to find them.
722 is the code section.
Some of the companies will give you state specific copies of the motion you can use with the financial information plugged in.
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.
if you do not have the funds, and wish to keep the vehicle, then the reaffirmation is usually the best way to go.
Thanks for your question, good luck with the motion.
Sure thing. you are welcome. You need to get this on file before discharge.
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?
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.
great. any other questions?
best of luck to you then.
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