Car Loan Redemption in Bankruptcy
Car loan redemption is a provision in Chapter 7 bankruptcy. It allows you to buy your car back from the auto financing company for its actual value if what you owe on the car is more than what it is worth. Sometimes referred to as a Section 722 redemption, car redemptions can help you lower your car payment and save you money on principal and interest. A car redemption must be requested during your Chapter 7 proceeding and cannot be requested after the bankruptcy process is completed. Also, the redemption amount must be paid in full to your lender according to the terms of the bankruptcy. There are lenders in business specifically to make redemption loans.
Specific bankruptcy rules involved in car redemptions exist for both the lender and the debtor. Speaking to an experienced bankruptcy attorney ensures that you have a full understanding from the start.
At the Louisville, Kentucky, Law Office of Robert J. Morrison, I have more than 30 years of experience in bankruptcy law and I have helped clients with all types of bankruptcy issues including car redemptions. I pride myself on providing every client with a customized debt relief solution designed to meet their specific needs and goals.
I provide personalized attention to every client and work hard to see that your best interests are served. I will be completely honest with you about the pros and cons of any action in a bankruptcy proceeding and give you all the information you need to make an educated decision about what is best for you.
Call for a Free Initial Consultation
Contact me to discuss your questions. You will speak with a lawyer, not a paralegal. I am available during regular business hours and by appointment at other times. You can reach me by phone at 877-388-6425 or via e-mail.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
