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Lease buyout option & 722 redemption?
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With a lease you have to assume it per 365. Once assumed, the Debtor is
bound by the contract and can then exercise the option to purchase at the
end.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Holly Roark
Sent: Friday, July 09, 2010 1:26 PM
To: bk@nacba.org; cdcbaa@yahoogroups.com
Subject: [cdcbaa] Lease buyout option & 722 redemption?
My client wants to pursue the "redemption" of his leased vehicle. I am not
familiar with this or whether it's possible. I understand that if he was
purchasing the car he could do a 722 redemption if it made sense to do so.
With a lease, however, is there a way to "buyout" the lease but at the
redemption value? I have read 722 and looked through the 722redemption.
com website, but I am not seeing this anywhere. Can anyone point me in the direction of some helpful reading on this (if it
exists)?
Holly Roark
holly@roarklawoffic es.com
www.roarklawoffices .com
Central District of California
Consumer Bankruptcy Attorney
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Message
With a lease you have to
assume it per 365. Once assumed, the Debtor is bound by the contract and
can then exercise the option to purchase at the end.
David A.
Tilem
Certified Bankruptcy
Specialist*
The post was migrated from Yahoo.
My client wants to pursue the "redemption" of his leased vehicle. I am not
familiar with this or whether it's possible. I understand that if he was
purchasing the car he could do a 722 redemption if it made sense to do so.
With a lease, however, is there a way to "buyout" the lease but at the
redemption value? I have read 722 and looked through the
722redemption.comwebsite, but I am not seeing this anywhere.
Can anyone point me in the direction of some helpful reading on this (if it
exists)?
Holly Roark
holly@roarklawoffices.com
www.roarklawoffices.com
Central District of California
Consumer Bankruptcy Attorney
My client wants to pursue the "redemption" of his leased vehicle. I am not familiar with this or whether it's possible. I understand that if he was purchasing the car he could do a 722 redemption if it made sense to do so. With a lease, however, is there a way to "buyout" the lease but at the redemption value? I have read 722 and looked through the 722redemption.com website, but I am not seeing this anywhere.
Can anyone point me in the direction of some helpful reading on this (if it exists)?-- Holly Roarkholly@roarklawoffices.com
The post was migrated from Yahoo.