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Car Redemptions

Just what is Redemption?  The Bankruptcy Code allows a procedure known as "Redemption" (11 USC § 722), where a debtor(s) is allowed to pay off his existing creditor the value of his personal tangible property, commonly a car, at the market value and NOT what is owed under the balance of the note if it exceeds the value of the tanglible property.  This payoff can come via a loan from another individual or company.  If a debtor seeks to qualify for a loan to payoff this amount he will often times need to apply with a financial institution which will advance the money to payoff the creditor's existing lender (e.g. on vehicle and refinance it, lowering your payments and the loan balance below the payments and balance that previously existed with the prior lender before the Bankruptcy was filed.  Just as is the case with re-financing a home, this may amount to substantial savings to the debtor, borrower.

If this option is of interest to you, we have provided an application to a finance company that specializes in these types of redemption loans.

Vehicle Redemption Application (Click Here)

§ 722. Redemption

An individual debtor may, whether or not the debtor has waived the right to redeem under this section, redeem tangible personal property intended primarily for personal, family, or household use, from a lien securing a dischargeable consumer debt, if such property is exempted under section 522 of this title or has been abandoned under section 554 of this title, by paying the holder of such lien the amount of the allowed secured claim of such holder that is secured by such lien in full at the time of redemption.
 
 
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